By Ray Birch
HANSCOM AFB, Mass.—Hanscom FCU is offering members a “one-stop shopping” solution for solar energy systems.
Hanscom is partnering with NRGTree to offer consumers a program that provides them with all the information they need to buy a solar energy system for their home, including finding the right and most cost-effective providers and installers, and then getting financing from the credit union.
But most important, the program—called Own My Solar—tells consumers whether a solar system is a cost-effective decision, Hanscom FCU explained.
Using only a street address and monthly electric bill, the Own My Solar website estimates the financial savings a homeowner could realize with a free personalized system design.
“Own My Solar allows our members to quickly determine the economic viability of solar installation for a single-family home,” said Tom Becker, SVP of lending. “We want to make sure that they are getting a good deal, the right deal, and are not making a bad deal they can’t eventually afford.”
Gathering The Info
Becker said that buying a solar system places a big burden on consumers to gather a lot of information on a topic most are unfamiliar with.
“What we like about Own My Solar is that is takes you from start to finish,” said Becker. “The member goes online, they get a design for their roof or yard, they receive multiple quotes for their design, choose the installer and sign the contract—all electronically. Then, they are directed to Hanscom for financing.”
Becker said the program not only helps members wade through what can be a lot of confusing data related to buying a solar system, but it also gives the credit union confidence that the system is the right choice for the member’s financial future.
“The link to the Own My Solar platform is on our website,” said Becker. “You click on Solar Energy Program from the offerings menu and you come to a page titled ‘Find out if Solar Energy is right for you!’
The page explains the Own My Solar program and that it is run by NRGTree. Consumers then click on a link, told they are leaving Hanscom’s website, and are taken to the Own My Solar platform that is co-branded with Hanscom.
Maybe Not The Right Choice
“Then it walks you through the entire process,” said Becker, which in the end, he said, may tell members that solar is not right for their home.
“That is one of the most important aspects of this site,” said Becker. “If there are no savings, then why do this? Why put solar on your roof if it won’t save you much money, or may end up costing you money?”
Becker said the typical solar system costs about $20,000 and that a homeowner can recoup the expense in five to seven years.
Becker said that making a loan to members who use the Own My Solar platform gives the credit union a great deal of confidence that the loan is right for the member and that they will pay it back.
“We know, then, that this is a good decision, so it is a win for all of us,” said Becker.
Members Want The Program
The $1.1-billion Hanscom is financing the solar systems through its home equity line of credit, which is prime minus 50 BPs for the best credit. Hanscom also offers 100% financing.
Becker said the program just began and that it is the first time Hanscom has offered financing for solar systems.
“Solar energy here in Massachusetts is really big. There are a lot of state and federal tax incentives for people to buy solar systems,” he said. “So if more of our members are going to be considering solar, we decided to hook them up with what we think is the best way to do it.”