Commercial Solar Equipment Loans
Financing solutions designed for building owners
Our fast and flexible solar equipment financing can take you from application to approval in as short as four weeks. Reap the benefits of solar for your business or community with the support of our dedicated team of solar finance professionals.
$500K - $10M
For equipment financing.
You can borrow:
Up to 90%
Of equipment, installation and engineering costs.
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.
At VCIB, we believe finance can be a tool that drives lasting change. As more organizations explore making the shift to solar energy, VCIB is proud to serve as a trusted financing and advisory partner. Our team has supported the development and installation of thousands of clean energy projects across the country.
Meet our Solar Financing team
Frequently Asked Questions
What is the process & timing to get financing from VCIB?
Steps to funding:
- Submit the intake form, sharing high-level details about your solar project.
- Within approximately two business days of submitting the form, our solar financing team will review and request additional documents to support your application if your solar project meets our criteria. The additional documents needed might include: a site map, quote, feasibility study, and your organization’s financial statements.
- Once the documents are received, our team will review the documentation and will schedule an introductory call with you. In the call we’ll discuss next steps and any outstanding questions before preparing a Letter of Interest outlining our financing terms.
- After you have reviewed our terms and are ready to proceed, we will prepare a full credit application and, within four weeks*, provide a credit decision and funding timeline based on your project schedule. We will then issue a Commitment Letter – a formal binding agreement between a lender and a borrower.
- Finally, we will prepare all required security documentation and registrations, and will work with you and your installer to ensure that funds are sent to the appropriate bank account based on the pre-determined funding schedule.
*If your installer is part of our Solar Installer Partner Program, our team guarantees a 4-week processing time – from the moment the loan application is received to a Commitment Letter being issued.
What documents and information will be needed for the application?
In order to complete your application and ensure a speedy turnaround, please prepare the following documents to be reviewed:
- A site map of the property (not required but preferred).
- Quote and/or feasibility study from the solar developer or installer.
- Year-end financial statements of the business from the past two fiscal years.
- This year’s YTD financial statements (if available).
Other documents may be requested after an introductory call with our solar financing team.
What security will be pledged? Will this impact the relationship with my bank?
VCIB will register security on the solar equipment (panels). This may require a mortgagee waiver to be signed by your existing bank or lender; it will not disrupt your borrowing relationship. We will also ask for a GSA (General Security Agreement), which may be subordinated to an existing lender.
Once approved, does VCIB send all the funds at once, or can they be staggered over time?
We will work with you and your installer to ensure funds are made available for every key milestone of your project. We can create up to four draws of the total amount, and the minimum of each draw is $100,000.
VCIB is a wholly owned subsidiary of Vancity Credit Union, a values-based financial co–operative. With more than 543,000 members and $28.2 billion in assets, plus assets under administration, Vancity is Canada’s largest community credit union.
VCIB is a Schedule 1 chartered bank operating under federal guidelines and regulated by the Office of the Superintendent of Financial Institutions.
A B Corp’s™ purpose is to create social and financial value. To belong, they must meet high standards of transparency and accountability, and create positive social and environmental benefit.
VCIB belongs to the Global Alliance for Banking on Values, an international network of banking leaders who make social and environmental change a part of their financial model.