All of us here at Hot Solar Solutions are thrilled to partner with Generations Credit Union to provide a no hassle option for financing for our customers! This week we took some time to sit down with Kaylyn Milligan, Senior Loan Consultant for Generations Credit Union, to learn more about what they offer our customers and some background on their Credit Union.
Can you give me a little history behind Generations? I personally love that you are a Washington business and we are keeping Washington dollars in state!
Generations has been in business for over 75 years. We started offering solar loans just over 5 years ago, but energy efficient financing became our main focus about 2.5 years ago.
Is there a minimum credit score to qualify for financing?
Our rate sheet cuts off at 630 but I have seen lower approved with other factors taken into account. We really focus on customer service and part of that is getting to know each of our applicants and looking at the larger picture.
In that same respect is the interest rate tied to the credit score?
Our rate of energy efficient financing starts at 3.99% for 700 and above credit.
Wouldn’t our local credit union provide financing?
Your local credit union MIGHT finance a solar project but it would more than likely be an unsecured loan with a MUCH higher rate. They also would not have the Solar Cash Flow Loan.
What are the benefits of your program vs using a home equity loan?
The benefits of using our Solar Financing option vs a HELOC would be; no appraisal, no loan fees, does NOT use up your equity. All of this while still offering a low rate and a unique lower payment option with the Solar Cash Flow Loan.
Of course we hope it never happens, but what if someone has a devastating life event, are there ways to protect against defaulting on the loan?
At this time, we do not offer insurance on the Solar Cash Flow Loan because it starts out as interest only and that is against regulations, but we definitely offer it for conventional solar financing.
Do you offer online account access and automatic payment options?
To get our 3.99% you have to have automatic payments. We do offer great online banking at generationscreditunion.com
Is there an early pay off penalty?
Generations does not charge an early pay off penalty.
Is there anything you wish customers knew or any FAQ’s you get asked that you would like to share with our blog readers?
You will not find another product like the Solar Cash Flow Loan around. It allows you customers, our borrowers, the option of using their Washington State Incentive towards their payments before they ever receive it. Along with interest only if they chose until their first full fiscal year of incentives. All of this with the SAME low rate as our conventional solar financing.
With the new incentives that have just been passed with the Solar Incentives Jobs Bill (HB1048), there has never been a better return on your solar investment! Contact us today to set up an appointment and start your path to energy independence!
If you would like to get a head start on the financing, by filling out the application in advance!
We are a local company, with deep roots in the Tri-Cities area that is committed to helping our customers save money, be more self-sufficient, and make a positive impact in our community by reducing its carbon footprint, thereby improving things for future generations. We are honored to serve the residents of Eastern Washington. Hot Solar Solutions, LLC is an all-inclusive provider for commercial and residential solar electric, solar pool heating and solar hot water heating. Our professional team will assist you from start to finish; Planning, Finance, Design and Install—We do it all!.
Estimates are always free anywhere in Eastern Washington, and typically include permitting, L&I and of course installation—no hidden costs or last minute surprises.
We specifically focus on the areas of Kennewick, Pasco, Richland, Yakima, Spokane, Sunnyside, Prosser and other areas throughout Washington. We also work within a 90 mile radius of Yakima.