Solar Energy Financing
There has never been a better time to install solar energy for your home, farm, or business! With current incentives, our customers can install solar with rapid returns on investment.
We are proud to be partnered with Admirals Bank for solar financing. Admirals offers non-equity based loans intended for customers seeking financing for renewable home energy projects where credits, rebates and/or incentives are available. Qualifying renewable energy projects may be paired with other general home improvements, including roofing, new windows, energy efficiency solutions, garages and more.
The Solar StepDown Loan
- Maximum Loan Amount: $25,000 (Secured)
- No equity or appraisal required1
- 100% upfront funding (money is disbursed before you or a contractor begin work)
- No prepayment penalties
- Flexible loan terms
- Fixed rates
- Interest and HUD insurance fees may be tax deductible (consult your tax advisor)
- No seasoning requirements2
- Borrowers looking for renewable energy products may apply any tax credits and/or local incentives he or she may receive to the principal balance of the loan and request a one-time re-amortization within the first 24 months of the funding date of the loan to lower, or 'step down,' monthly payments, provided certain requirements are met3
- Access to a team of renewable energy financing experts
Qualifying Solar StepDown customers now have an option to borrow up-to an additional $15,000 through our exclusive unsecured "SolarPlus Loan".* This innovative program gives homeowners the ability to borrow up to $40,000 for a single set of residential renewable energy solutions!
The SolarPlus Loan
The SolarPlus, the Bank’s flagship renewable energy loan, allows homeowners to combine an unsecured, same-as-cash loan for 30% of their system’s value, with a term loan for the remaining amount of the system value, keeping payments very low from day 1.
- Combined maximum loan amount of $40,000
- Unsecured, same-as-cash loan is matched to 30% of system value - no interest, no payments are due on this portion for the first 18 months from the date of funding**
- Secured FHA Title I loan covers remainder of the system financing - flexible loan terms are available for multiple monthly payment options
- Additional qualifying requirements: minimum FICO score of 700
- 100% upfront funding
- No pre-payment penalties
1Lien will be placed against the property. Lien will be in first or second position. 2New residential structures must be completed and occupied for minimum of 90 days. 3Must be a project that qualifies for federal and/or government rebates or incentives.
*The SolarPlus Loan program is a Bank program that is not affiliated with or sponsored by FHA. The term of the SolarPlus Loan cannot exceed the term of the Solar StepDown Loan. Each loan is subject to separate credit approval.
**If the customer elects not to pay off the full principal amount of the loan within 18 months of funding date, then: (1) the interest accrued from the funding date will not be waived by the Bank and (2) all accrued interest due from the funding date will be capitalized and added to the outstanding principal balance due. Interest will then be charged on the new principal balance and continue until the full principal balance has been paid.
All loans are subject to credit approval.