Sunday, April 12, 2009

Trying to refinance our off-grid solar house

We live in a rural area of Mendocino County, CA on 77 acres in the lower foothills in an off-grid solar house that is only 1 year old as of this writing. We just obtained our final permits on the house and are seriously looking at refinancing our loan.

We are running into problems because conventional lenders require that a comparable house be sold within a certain time frame and a certain distance from ours. The last house sold was 1 year ago and it is on a standard lot, so it is not considered a comparable sale. This a small, rural, sleepy town and many of the homes are on large parcels.

Our lender wants out of the loan and has a note at a great rate that can be sold to a private investor as another option. Everyone and their brother is wanting to go solar right now, and there's plenty of financing available to do that, but we are finding that the refinancing that is offered to conventional built houses is not available for off-grid renewable energy houses, or it's very challenging to get.

Why should the same rules for obtaining financing for conventional houses be applied to refinancing renewable energy houses, especially in rural areas and when house sales are so low? Also, I feel that lenders need educating about the many benefits of being off-grid; I believe it's lack of knowledge that leads them to think that no one would want to buy a solar house should we decide to sell it.

There's a real need that is not being fulfilled yet in the refinancing industry. If you know of anyone who can help please write as soon as possible.