Is Financeit Solar Loan the Right Financing Option for BC?

With the $40,000 interest-free Greener Homes Loan now a thing of the past, the landscape for financing solar panels in B.C. has completely changed.

Almost overnight, Financeit has become the go-to option for most solar installers. You’re probably seeing ads for “0% financing” and “low monthly payments.” But what’s the real story? As an installer, I’ve seen the backend of these programs. I’m here to give you the straight, simple breakdown of what you’re actually signing up for.

What is Financeit and Why Is It Everywhere Now?

Financeit isn’t a solar company. They are a “point-of-sale” financing company. This means they partner with home improvement contractors (like solar installers, roofers, and window companies) to offer you financing right at your kitchen table.

The reason it’s suddenly everywhere is simple: with the federal 0% loan gone, installers needed something to help homeowners manage the high upfront cost of solar (which in Vancouver can be $25,000 – $40,000+). Installers sign up as “Financeit partners,” and in return, they get a simple platform (often on a tablet) to get you approved for a loan in minutes.

It’s convenient. But convenience often comes at a cost.

The “0% Financing” Offer: What Your Installer Isn’t Telling You

This is the most important part of this entire article. Please read this twice.

There is no such thing as a free loan from a third-party lender.

Here’s how it works: To offer you that 0% rate, the installer has to pay Financeit a large “dealer fee” or “buy-down fee.”

I’ve seen these fees range from 10% to as high as 18% of the total loan amount.

“Dealer Fees” are the Real “Hidden” Cost

Where do you think that 10-18% fee goes? The installer isn’t going to eat that cost. They add it directly onto the total price of your solar system.

Here’s a simple example:

• You get a quote for a solar system. The “cash price” is $30,000.
• You ask for the “0% financing” option over 15 years.
• To get that 0% rate, Financeit charges the installer a 15% dealer fee ($30,000 x 15% = $4,500).
• The installer presents you with a new quote. The total price for your system is now $34,500 at 0% interest.

You are paying $4,500 in a hidden financing charge, all just to see a “0%” on the paper. You’ve simply pre-paid all the interest by inflating the principal of your loan. It turns a good deal into an expensive sales gimmick.

Financeit even shows these options to their dealers. Here’s a screenshot from their own site, showing how lower APRs for the customer mean higher “Dealer Costs” for the installer.

As you can see, a 6.99% APR (the lowest rate) costs the dealer 13.49%. A higher 8.99% APR “only” costs the dealer 8.99%. That 0% offer? It’s just an extreme version of this, with the highest dealer fee of all.

How Does the Financeit Loan Process Work?

The process is built for speed and convenience.

1. Get a Quote: A solar installer (who is a Financeit partner) visits your home and builds a quote for your system.
2. Apply on the Spot: The sales rep will offer you financing. They’ll pull out a tablet or laptop and have you fill out a short application. This is a full credit application.
3. Credit Check: Financeit performs a hard credit check. This will appear on your credit report.
4. Approval: You often get an approval (or denial) within minutes.
5. Sign Documents: If approved, you sign the loan agreement electronically. The funds are then paid directly to the installer once the job hits certain milestones (e.g., installation complete).

Qualifying for a Financeit Loan: What Do You Need?

This is a key difference from the old Greener Homes Loan, which was more accessible. Financeit is a traditional lender, and they care about risk.

The All-Important Credit Score

The main factor is your credit score. While they don’t publish a minimum, in my experience, you’ll need a good to excellent credit score to get approved for the best rates.

• 680+: You’ll likely get approved, but maybe at a higher interest rate.
• 720-750+: This is the range you want to be in for the best (advertised) rates.
• Below 650: It will be difficult to get approved.

Other Requirements

• Homeownership: You must be the owner of the home where the panels are being installed.
• Income: You’ll state your income on the application. For very large loans, they may ask for verification (like a pay stub or T4), but for most solar loans, it’s often based on your stated income and credit score.
• Debt-to-Income Ratio: They’ll look at your other debts (mortgage, car loans, etc.) to see if you can afford the new monthly payment.

Pros and Cons: My Take on Using Financeit

So, is it legit? Yes, Financeit is a legitimate, large Canadian financing company. They are not a scam. But is it a good deal? That’s a different question.

The Good Stuff (Pros)

• Convenience: This is the #1 benefit. You can get your solar system and your loan from one person in one 30-minute conversation.
• Speed: The process is fast. You don’t have to go to a bank, get an appraisal, or wait weeks for approval. The project can start right away.
• Flexibility: They often offer a wide range of loan terms (e.g., 5, 10, 15, or even 20 years) and amortization to get you a monthly payment you’re comfortable with.
• Payment Deferrals: Many plans offer “don’t pay for 3” (or 6) months. (Note: interest is almost always accumulating during this deferral period).

The Not-So-Good Stuff (Cons)

• The Cost: As we covered, the 0% offers are just an expensive sales gimmick. You’re paying for the financing one way or another.
• “Real” Interest Rates: If you don’t take the 0% offer and opt for a standard loan (e.g., 8.99% or 10.99%), the rates are often much higher than what you could get from your own bank.
• Hard Credit Check: Applying for the loan will cause a small, temporary dip in your credit score.
• Variable Reviews: Customer service reviews are a mixed bag. Many people find it easy, but others report problems when they have a dispute with their installer. Remember: Financeit just provides the money; they don’t guarantee the quality of the solar installation.
• Potential for Liens: You asked about liens. It’s typically an unsecured loan (secured against the equipment, not your home), but this is not guaranteed. You must read your loan agreement. Some home improvement loans can have a lien registered on your property, which means you can’t sell or refinance your home without paying it off.

How Financeit Compares to Other BC Financing Options

Financeit is not your only choice.

• Home Equity Line of Credit (HELOC): If you have equity in your home, a HELOC is almost always the cheapest way to finance a solar project. Currently (as of November 2025), rates are often in the 6-7% range (e.g., Prime + 0.5%), which is lower than Financeit’s standard rates, and you’re paying interest on a much lower “cash price” principal.
• Local Credit Unions (e.g., Vancity): Many B.C. credit unions offer specific “green loans” or “energy-saving loans” with competitive rates for members. Vancity’s “Planet-Wise” program is one to check out.
• Your Bank: Simply going to your own bank and asking for a “home improvement personal loan” on the “cash price” of the system can often beat the Financeit offer.

What Are People Saying? Reviews and Complaints

I’ve looked through Better Business Bureau (BBB) profiles, Google Reviews, and Reddit threads. The feedback is very consistent.

• Common Complaints:
  • “I thought it was 0%, but the loan principal was way higher than my quote!” (This is the dealer fee issue).
  • “My installer went out of business / did a bad job, but I’m still stuck paying Financeit.” (This is a major risk. Financeit is the bank, not the project manager).
  • “Customer service was hard to deal with when I had a problem.”
  • “The deferral period was confusing, and I was shocked by the interest that piled up.”
• Common Positive Reviews:
  • “The process was super easy and fast.”
  • “I got my new windows/roof/solar panels with no money down.”
  • “The app is easy to use for making payments.”

The experience often comes down to the quality of your solar installer and how transparent they are about the costs.

My Final Advice as Your Solar Guide

So, should you use Financeit for your solar panels in B.C.?

Financeit is a legitimate tool. It’s a fast and convenient way to get a project funded. But it is rarely the cheapest.

Tip for all B.C. Homeowners:

Here is the single most important piece of advice in this article. Do not sign anything until you have asked your installer for two separate quotes:**

1. Quote #1: The “Financing” quote (with the 0%, 6.99%, or whatever rate they are offering).
2. Quote #2: The “Cash Price” quote.

I guarantee you the “Cash Price” quote will be thousands of dollars cheaper.

Once you have that “Cash Price,” take it to your own bank or a credit union and ask them what kind of personal loan or HELOC they can give you.

Then, do the math. Compare the total cost of borrowing over the life of the loan. Nine times out of ten, you will save a lot of money by getting your own financing for the “cash price” instead of taking the installer’s convenient (but expensive) 0% offer.

Don’t let the excitement of going solar and the ease of a “tap-to-approve” tablet stop you from doing 15 minutes of homework. It could save you $5,000 or more.

P.S. A Note on Our “No Gimmick” 0% Program

After reading this, you’re probably thinking, “Great, Vitaliy, so all 0% deals are just inflated prices.”

It’s a fair point. And at SolarEnergies.ca, we wanted to offer something genuinely different. So, we built a connection with a highly trustworthy installer that provides their own financing program.

This is a reputable, B.C.-based installer with more than 230 local installations, and we offer their 0% financing program with $0 down for 15 years.

Here’s how it’s different from the models I just described:

• It’s not a third-party bank loan. Because the installer finances it “in-house,” there is no 10-18% ‘dealer fee’ to inflate the price. The price you’re quoted is the real price, period. There is no separate “cash price” vs. “financing price” game.
• It’s built to be simple. Because we’re not dealing with a bank’s complicated rules, qualification is much more straightforward.
• The security is the system itself. The loan is structured as a solar agreement where the panels on your roof act as the collateral. This makes it very safe and simple for everyone.
• The goal is instant savings. The whole point is to make your new monthly solar payment lower than your current average BC Hydro bill. If you’re paying less from day one, it just makes sense.

This is the model we prefer because it’s transparent. It’s what I believe “0% financing” should mean. If you’re interested in this approach, it’s what we specialize in.