We are excited to announce that we now offer financing through Vancity Community Investment Bank (Vancity), an impact bank and fellow B Corp. Vancity’s commercial solar financing program was created specifically for Canadian businesses and non-profits that would like to install solar on their properties.
Vancity’s Commercial Solar Financing Program
Loan size: $500K to $10M for solar PV equipment financing (up to 90% of equipment, installation and engineering costs)
Rates: 4.5% t0 7.5% based on your business financials, operating history, and project size
Loan repayment term: 5 to 10 years (Up to 5-year fixed interest rate, with amortizations of up to 10 years)
Application timeframe: 4 to 6 weeks
Draw schedule: The cash draw schedule is designed to match the project funding requirements, with up to four draws of the total amount.*
*Individual draws are available from $100,000. Loans and terms subject to compliance and credit approval by Vancity. Please refer to vcib.ca/solar for the most up-to-date product information.
Application Process
1. Submit the intake form here sharing high-level details about your solar installation.
2. Within 5 business days of submitting the form, Vancity’s solar financing team will review your project’s eligibility and and provide us with a list of documents needed to support your application, if your solar project meets their criteria. The additional documents needed might include: a site map, quote, feasibility study, and financial statements.
3. Once the documents are received, Vancity’s team will review the documentation and will provide written feedback highlighting next steps and any outstanding questions before preparing a Lett of Interest outlining their financing terms.
4. After you have reviewed Vancity’s terms and are ready to proceed, they will prepare a full credit application and funding timeline based on your project schedule, as well as a formal binding agreement between lender and borrower.
5. Finally, Vancity will prepare all required security documentation and registrations, and will work with you and your installer, SkyFire Energy, to ensure that funds are sent to the appropriate bank account based on the pre-determined funding schedule.
Interested to see if your commercial building is suitable for solar and how you can benefit from it? Contact us today at 1-87-SKYFIRE-1 or fill out this form.