About SunTrust Bank's LightStream Solar Loan
LightStream is the national online consumer lending division of SunTrust Bank, one of the nation’s leading financial services companies. LightStream delivers a revolutionary loan process that allows customers to focus on their purchase, rather than their financing. With innovative lending products and proprietary technology, consumers with strong credit profiles can receive highly competitive, fixed rate solar panel financing via an easy, fast and entirely paperless loan experience. From the convenience and comfort of their computer or mobile device, customers can apply, be approved, sign their loan agreement and receive their funds, as soon as the same day of their application. Same day loan funding is available if it is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide LightStream with your funding preferences and relevant banking information; and (3) complete the final verification process.
Other Popular Solar Financing Options
In addition to solar loans, there are several solar financing and incentive options to be aware of when thinking about going solar. Net Metering will let you earn credits from your utility for excess power, while a Feed-In Tariff (FIT) involves earning revenue for your excess solar power. Some states have market-based auction programs called SRECs Solar Renewable Energy Credits where power credit can be sold to institutions.
Other popular options to pay for solar panels is a Solar Lease in which you lease the equipment for a long-term. You can also consider a Solar Power Purchase Agreement (PPA) where you only pay for the solar power, locking in your electricity rate over time.
However, you will get the biggest financial gain by owning your solar system. If you don't want to pay cash, then contact your bank about Solar Home Equity for the best rates. Another great way to pay for your solar panels is a solar home improvement loan, which is a government FHA-backed Title-1 Home Improvement Loan is designed for homeowners with or without equity. An innovative community financing program available in some areas is PACE Municipal Financing | Property Assessed Clean Energy. With PACE, you pay for your system over time, just like your property taxes. As part of your research, be sure to compare Solar Loan vs Solar Lease options before proceeding.