Go Green and Save Even More!
Finance Up To $10M for Your Business to Go Solar!
Financing for Solar Panels
At Penfolds Roofing & Solar, we are dedicated to making a difference; making a difference for our customers and making a difference for our environment. Installing solar power is one way we merge these goals to make a sustainable world for future generations.
We are proud to partner with VCIB’s Solar Installer Program, a program that will give our commercial clients direct access to VCIB’s solar financing team along with financing for solar panels. This partnership will give our clients fast and flexible solar equipment financing tailored to suit each company and project, making it easier for commercial building owners to generate their own solar projects on their properties.
Having access to federal grants for agriculture and the right financing is key to minimizing costly delays. To ensure your project timelines are met, VCIB guarantees a 4-week application turnaround time between the moment the loan application is received to its approval.
Reduce your carbon footprint, show your commitment to a greener future, and reap the benefits of solar for your business or community with the support of VCIB’s dedicated team of solar finance professionals.
Who is VCIB?
Vancity Community investment Bank (VCIB) is a Schedule 1 bank and a subsidiary of BC-based Vancity Credit Union, a co-operative with over half a million members.
As a B Corp and Canada’s only values-based bank, VCIB is on a mission to accelerate the growth of Canada’s clean energy industry. With years of experience in renewable energy, VCIB’s team has supported the development and installation of thousands of clean energy projects across Canada.
VCIB’s Commercial Solar Financing Program
VCIB offers loans up to $10M at competitive rates, learn more about VCIB’s Commercial Solar Financing below. Rest assured that your relationship with your existing mortgaging bank will not be disrupted, as VCIB only registers security against the solar equipment and not your property.
Loan size: $250K – $10M for solar PV equipment financing (VCIB can cover up to 90% of equipment, installation and engineering costs).
Rates: 4.5% – 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 weeks (Since Penfolds Roofing & Solar is part of VCIB’s partner program, you’re guaranteed a short 4-week processing time from application submission to approval).
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 VCIB. Please refer to vcib.ca/solar for the most up-to-date product information.
Application Process
Before starting your application, contact us for your free solar estimate! This will provide you the necessary details of your solar panel installation to complete your VCIB application for solar panel financing. Once you have your estimate, you’ll be ready to submit your solar project through the VCIB online form.