When your address isn't covered by Halifax Solar City or a PACE program (or you simply prefer your own lender), cash, bank loans, HELOCs, and credit-union financing all work. Faster approval, full ownership, no municipal eligibility checks.
Each lender treats solar a little differently. Here's what we typically see for Nova Scotia homeowners. Your offer depends on your lender, term, and credit.
0% effective rate · Day-one ownership
Best lifetime return. No interest, no fees, fastest path. Best if you have liquid savings you're comfortable redirecting and don't need a monthly hedge against NS Power rate increases. Federal Clean Tech ITC arrives at tax time, typically 12+ months after install.
Best for: Maximum 25-year savings, simplest paperwork.
Typically prime + 0.5–1.5% · Interest-only or amortized
Borrow against your home's equity. Rates are usually lower than an unsecured loan because the loan is secured by the property. Flexible: you can carry just the active draw, pay it down opportunistically, or fold it into a refinance. Most major Canadian banks offer HELOCs: RBC, Scotiabank, TD, BMO, CIBC, National Bank, plus the credit unions below.
Best for: Homeowners with built equity who want flexibility and the lowest private rate.
Typically 7–12% · 5–10-year term · Unsecured or secured
A standard installment loan. Atlantic-region credit unions (East Coast Credit Union, Coastal Financial, CUA, Northern Credit Union) sometimes run greener-energy promotional rates below the chartered banks. Approval is usually within a few business days. No collateral tied to the system.
Best for: Faster than a HELOC to set up; no equity required.
Varies, promotional 0% intro periods common · Mid-to-long term
Some equipment manufacturers and aggregators offer their own loans. Promotional “0% for 18 months” offers exist; read the small print: many roll into 9–12% after the promo. We don't push this path because the headline rate often hides setup fees or dealer markups. If your numbers actually pencil, we'll say so.
Best for: Buyers comfortable refinancing or paying off inside a promo window.
Worked example: $28,000 system, no down payment, level monthly payments. Rates and terms are illustrative; your real offer depends on your lender.
| Path | Sample rate | Term | Approx. monthly |
|---|---|---|---|
| Cash | N/A | N/A | $0 |
| HELOC | 6.45% | 10 yr | $317 |
| Credit-union loan | 7.75% | 10 yr | $337 |
| Bank personal loan | 10.5% | 7 yr | $472 |
Use these as conversation starters with your lender, not quotes. For comparison: an equivalent $28,000 system in HRM via Halifax Solar City is roughly $294/month at 4.75% over 10 years, usually a touch cheaper than private routes outside HRM. If you're in HRM, Solar City is almost always the better path.
The federal 30% Clean Technology Investment Tax Credit applies regardless of how you pay, but timing matters.
The Clean Tech ITC is claimed against tax owing in the year your system is placed in service. For most residential paths the credit lands 12+ months after install when you file taxes. We never deduct it from your upfront price: you see the full system cost first, then the credit comes back to you when CRA processes the claim.
If you finance, your loan principal is the full price; the ITC refund can be applied as a lump-sum prepayment when it arrives, shortening the term. Some homeowners use it that way to compress a 10-year HELOC into roughly 8.
Eligibility depends on the entity (corporation, partnership, eligible trust) and how the system is used. Talk to your accountant. We'll provide the install documentation needed to support the claim.
We'll compare all four paths against any municipal program you qualify for as part of your free assessment. No path is “ours”: whichever puts the most money in your pocket wins.
No outdated rebates. No unrealistic assumptions. Just clear math.
