Effective October 1, 2021, EnerBank USA ("EnerBank") merged with and into Regions Bank. Learn more here

EnerBank Blog

Homeowners and contractors alike love the new Triple Option Loan

Posted March 18, 2019 by EnerBank USA

solar panels

EnerBank USA® is excited about the positive response it’s received to its new Triple Option Loan. The new loan is designed specifically for homeowners who are eligible for income tax incentives, rebates, or both associated with their solar projects. This new solar loan also provides homeowners the ultimate flexibility in choosing how they want to pay for their projects.

Here’s more about the new loan:
Homeowners don’t have to make payments during a 12- or 18-Month Same-As-Cash period, which gives them time to receive their tax incentive, rebate, or both. And, if the principal is paid off at the expiration of the period, any accrued interest is waived.

After the Same-As-Cash period, the loan is re-amortized, followed by two more re-amortizations each May of the following years. This allows homeowners the option to make additional payments to reduce the amount of their monthly solar loan payment. It also provides flexibility for when they choose to apply their tax incentive, bonuses, or other funds toward their solar loan.

Here’s what EnerBank’s President & CEO, Charlie Knadler has to say about the benefits of the new solar loan, “The Triple Option Loan gives tremendous flexibility for homeowners to pay off the principal of their loans. And, because the loan is re-amortized several times, homeowners have an extended period to apply additional payments to the loan compared to other loan options. This solar loan also gives major competitive advantages to home improvement contractors selling tax incentivized projects.”

So, now, with the new Triple Option Loan, contractors have one more financing option they can offer their customers, helping them grow their businesses in the process.

For more information about the new Triple Option Loan, or to learn more about EnerBank, visit us at enerbank.com/contractors today.