At the Solar Power International conference in Las Vegas (Sept. 10-13), EnerBank made life easier for solar panel contractors trying to increase sales by helping homeowners finance their rooftop projects.
At the conference, EnerBank introduced its 12 and 20-Year PowerLoan® with an optional re-amortization feature for Solar PV projects. Annual percentage rates (APRs) for 12-Year PowerLoan is 1.99%, 2.99%, and 3.99%; 20-Year PowerLoan APRs are 4.99% and 5.99%. Minimum and maximum loan amounts are $15,000 and $65,000, respectively, on approved credit.
These new loans are specifically for homeowners who want to use their solar tax credit to pay off a portion of the principal amount—in a lump sum within the first 18 months of their loan—to lower their monthly payments while retaining the loan’s original interest rate and terms.
“We want to make it easier for contractors to sell solar PV panels,” said Charlie Knadler, president and CEO of EnerBank. “These loans give homeowners even more flexibility in how they can finance their solar projects by providing monthly loan payments that are comparable to their monthly electric utility bills.”
To re-amortize their PowerLoan, homeowners simply request a re-amortization of their loan online at enerbank.com after making a minimum lump sum payment equal to at least 15% of the original loan amount. There is a modest $150 fee to be paid by borrowers to re-amortize their loan.
“Keeping consumers’ monthly payments low and giving them the flexibility to use their tax incentives how they choose will help the solar industry continue to increase sales to consumers,” Knadler said. “A flex loan option, paying contractors up to 50% of the project’s loan upfront, is also available to help improve a contractor’s cash flow. That’s why we’re excited to be providing this new loan option to solar contractors.”
During the current slight slowdown in rooftop solar PV sales in the United States, according to industry reports, solar contractors who offer a choice of payment options are more likely to close more sales in a competitive market. In addition to the new PowerLoan, EnerBank offers a variety of other solar loans such as Same-As-Cash and low interest loans with fixed monthly payments. The bank’s innovative Combo Loan continues to be a very popular option.