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Small Business > Borrowing and Credit > Specialized Financing Options > Solar Panel Financing

Solar Panel Financing

Solar Panel Financing

RBC is committed to helping Canadian businesses finance renewable energy projects

Whether you are investing in renewable energy to control costs as part of a building retrofit, to access a new revenue stream or simply to reduce your carbon foot print, we welcome the opportunity to be your banking partner.

 

Why is renewable energy important?

Demand for energy and its cost continue to grow. Many Canadian businesses are evaluating their dependence on non–renewable energy sources and considering investments in renewable energy alternatives for a variety of reasons.

Over the past decade, great strides have been made in technologies associated with solar, wind and geothermal power generation. The costs of installing and operating a renewable energy system have decreased substantially making it more affordable.

Renewable energy is an important new source of power generation which will help to reduce CO2 emissions, stabilize energy costs and support long term prosperity for Canadian businesses.

 

Government incentive programs

The province of Ontario’s Green Energy and Green Economy Act passed in 2009, created the Ontario Power Authority’s FIT and Micro FIT programs, designed to encourage the development of qualified renewable energy projects. In this program, businesses who generate power and feed it back into the grid system under an OPA contract will receive a pre-determined payment for this electricity.

Although Ontario is currently the only province with this legislation in place, there are many other regions and provinces where similar incentive programs are developing. Some municipalities offer other types of incentives for renewable energy investments.

 

RBC financing programs for your renewable energy project

Contact an RBC account manager for advice and solutions on your solar panel financing requirements.

Bridge Financing Floating-Rate Term Loans Fixed-Rate Term Loans Leases

Floating rate term loan during the construction phase

  • Interest rate based on Royal Bank Prime.

  • Monthly interest-only payments until construction is complete (up to 12 months).

Floating interest rate loan with up to 10-year amortization. Loan term up to 5 years, and up to 15-year amortization.

Lease contracts available in Canadian and U.S dollars with similar terms and amortizations as a loan.

Potential for higher finance amount based on eligible asset value.

Interim Lease Financing on eligible equipment as it is delivered/installed

  • Interest rate based on Royal Bank Prime
  • Monthly interest-only rental payments until all equipment is delivered/installed (up to 12 months)
Interest rate based on Royal Bank Prime Fixed interest rate based on a premium over Royal Bank Fixed Base Rate Fixed rate or floating rate equipment leases are available
Flexible principal and interest payments Principal and interest payments based on amortization Flexible rental structures and terms designed to match cash flows and/or cost recovery
Pre-payable without penalty Programs to assist with management of supplier invoices and payments

All lending products are offered by Royal Bank of Canada and are subject to its standard lending criteria.

 

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