Energy Efficiency Loan Program - Solar Photovoltaic Equipment
The Energy Efficiency Loan Program for Solar Photovoltaic Equipment (EELP-SERP) will provide financing to qualifying Prince Edward Island home-owners, farms and businesses that are approved applicants under efficiencyPEI’s Solar Electric Rebate Program. This will assist with the up-front costs associated with the purchase and installation of Solar PV equipment that can lower energy bills for Islanders.
How much financing is available under this program?
Eligible applicants can apply to receive a repayable loan for 100% of invoiced costs (including non-refundable HST) associated with the purchase and installation of Solar PV systems that have been pre-approved by efficiencyPEI under their Solar Electric Rebate Program.
The loan will bear interest at the fixed rate of 5% per annum and is repayable over a period not to exceed 15 years.
The maximum loan amount available to home-owners is $25,000 (net of rebate).
Loans to farms and businesses may exceed $25,000 (net of rebate); the amount of financing available will be based on the debt servicing capacity of the applicant, and availability of security.
The Loan will be secured by a promissory note and a collateral mortgage over the applicant’s real property on which the Solar PV equipment is installed.
Am I eligible to apply?
The following criteria must be met:
- Eligible home-owners will be Prince Edward Island residents, and the property on which the Solar PV equipment is being installed will be the home-owner’s principal residence;
- Eligible farm and business applicants will be operating on Prince Edward Island and be registered under the Province of Prince Edward Island’s Corporations Act;
- Eligible applicant(s) and activities will be pre-approved under efficiencyPEI's Solar Electric Rebate Program;
- Eligible applicant(s) will be the registered owner(s) of the property where the Solar PV equipment is being installed;
- The EELP-SERP is not available for projects involving new home or building construction.
Are there other requirements for this program?
- As an applicant, you will be able to evidence reasonable creditworthiness and capacity to repay the loan;
- You must not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry;
- The eligibility of specific costs under the Rebate Programs shall be determined by efficiencyPEI.
- Loan proceeds will be remitted directly to the vendor, unless the applicant/borrower can provide written evidence that the invoice has already been paid;
- Any Solar Electric Rebates earned from efficiencyPEI in connection with the project will be applied firstly and directly as a permanent lump sum reduction in the EELP-SERP loan.
How do I apply?
An eligible applicant should follow these steps to apply:
- Contact efficiencyPEI to ensure that the proposed Solar PV project meets the program requirements.
- Submit quotes to efficiencyPEI for approval and await the project pre-approval letter.
- Submit the efficiencyPEI pre-approval letter to Finance PEI with a completed financing application.
- Applicants approved for financing will receive a pre-approval letter from Finance PEI.
- Have work completed and submit invoices to efficiencyPEI for approval.
- Finance PEI will contact client to have loan documentation executed.
- The efficiencyPEI rebate will be applied directly on the EELP loan to reduce the balance.
Printed copies of the application form can be obtained at the following locations:
69 Belvedere Avenue
Charlottetown, PE C1A 9K5
Phone: (902) 620-3690
Fax: (902) 620-3796
94 Euston Street, 2nd Floor
Charlottetown, PE C1A 7M8
What happens after I apply?
After you apply for the program, a staff person of Finance PEI will contact you to discuss your application and the next steps.
For more Information
If you have any further questions, please contact:
Matthew McMillan, CPA, CA - Financial Analyst
94 Euston Street, 2nd Floor
PO Box 1176
Phone: (902) 368-5881
Fax: (902) 368-6255