Most solar rooftop deals require homeowners to lease solar panels or agree to buying power for a period of time. Ownership of the solar panels, however, remains with the company. SolarCity's solar loan will change all that by allowing homeowners to gain ownership of the panels while enjoying cheaper electricity.

SolarCity is so far the United States' biggest installer of solar panel systems. The loan scheme would enable consumers to pay back their loan at a rate that is based only on the amount of electricity generated by the panels. Consumers who want cost-efficiency and energy-efficiency may just sign up.

"It's the first loan product of its kind. We are applying financial benefits and selling the same value to homeowners," said chief executive Lyndon Rive, who co-founded SolarCity with his brother Peter. The company is backed by their cousin Elon Musk of Tesla Motors.

Under the company's current model, SolarCity will offer loans at 4.5 percent for over 30 years. However, there is no fixed monthly amount to be paid by the consumer. He will only pay for the power that the panels produce. If the power produced is higher in a certain month, then the consumer would be able to pay off his loan faster. If the panels produce less power, the consumer pays less, which might also mean a lower payoff to one's loan. However, SolarCity is confident that the current scheme of more than 30 years as loan period is enough for a consumer to become fully paid in the end.

Leasing a panel usually involves the consumer paying a flat monthly fee without having to consider the amount of electricity produced by the solar panels. In the case of a power purchase agreement, a consumer is required to pay only for the amount of solar electricity that is produced.

Since 2008, prices of solar equipment have dropped by 80 percent, which led to the increased popularity of loans among private homeowners' solar equipment financing. Currently, a typical system would cost somewhere between $20,000 to $30,000 compared to the previous rate of $50,000 to $60,000 a few years ago.

SolarCity claims that what it offers is very attractive since they provide a one-stop shop for product sales, installation and service, all of which remain effective for the duration of the 30-year loan. The company will begin offering solar loans to homeowners in New Jersey, New York, Massachusetts, Hawaii, Connecticut, Colorado, California and Arizona.