EnerBank to offer ‘PowerLoans’ to lower solar install payments for homeowners

solar loan

Need some new financing options for your customers? EnerBank USA 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.

“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.”

Who is EnerBank?

For over 15 years, EnerBank USA has helped home improvement contractors grow their businesses and enabled homeowners to achieve their remodeling dreams. Through mobile, online and phone application choices, homeowners get a credit decision in minutes, making for higher close rates, and bigger jobs for contractors. Homeowners enjoy Same-As-Cash loans and low interest, low monthly payment loans, while contractors improve their bottom line. EnerBank USA is a fair housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. Visit  for more information.

What is a PowerLoan?

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.

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.

 

— Solar Builder magazine

Goldman Sachs to buy $300 million home solar loans from Mosaic

Mosaic solar financing

Goldman Sachs Bank and Mosaic, a provider of home solar financing solutions, have announced a purchase commitment in which GS Bank will buy $300 million in home solar loans originated by Mosaic. The commitment increases Mosaic’s available future loan funding commitments from banks and credit unions to $800 million. This is in addition to $650 million of committed borrowing capacity provided by Mosaic’s existing warehouse partners.

Mosaic makes financing solar energy systems accessible and affordable for homeowners by providing the simplest borrower experience in the industry. Mosaic has originated over $1 billion of loans to date. Customers are connected to top solar installers and can qualify instantly for no money down loans with fixed interest rates and multiple term options. For solar installers, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped over tens of thousands people go solar with a network of over 125 installers.

— Solar Builder magazine

Department of Energy boosts Sunshot funding by $82M after already hitting 2020 cost target

solar sunshot funding

I hope it’s not morbid timing that all of these positive solar reports are coming out right before the Section trade case decision. NREL noted more sharp system cost declines in 2017, and now the U.S. Department of Energy says solar’s 2020 utility-scale solar cost target set by the SunShot Initiative has already been reached thanks largely to the rapid cost declines in solar photovoltaic (PV) hardware. The average price of utility-scale solar is now 6 cents per kilowatt-hour (kWh).

Given this success, DOE is looking beyond SunShot’s 2020 goals with an expanded 2030 vision for the Solar Energy Technologies Office. Specifically, while DOE will continue research to drive down costs, new funding programs will focus on a broader scope of Administration priorities, which includes early-stage research to address solar energy’s critical challenges of grid reliability, resilience, and storage.

“With the impressive decline in solar prices, it is time to address additional emerging challenges,” said Daniel Simmons, Acting Assistant Secretary for Energy Efficiency and Renewable Energy. “As we look to the future, DOE will focus new solar R&D on the Secretary’s priorities, which include strengthening the reliability and resilience of the electric grid while integrating solar energy.”

Vote here for the 2017 Solar Builder Project of the Year

DOE announces up to $82 million in early-stage research in two areas:

Concentrating Solar Power (CSP): Up to $62 million will support advances in CSP technologies to enable on-demand solar energy. CSP technologies use mirrors to reflect and concentrate sunlight onto a focused point where it is collected and converted into heat. This thermal energy can be stored and used to produce electricity when the sun is not shining or integrated into other applications, such as producing fresh water or supplying process heat.

• Power Electronics: Up to $20 million is dedicated to early-stage projects to advance power electronics technologies. Such innovations are fundamental to solar PV as the critical link between PV arrays and the electric grid. Advances in power electronics will help grid operators rapidly detect problems and respond, protect against physical and cyber vulnerabilities, and enable consumers to manage electricity use.

Awardees will be required to contribute 20 percent of the funds to their overall project budget, yielding total public and private spending of nearly $100 million. The funds provided are not grants, but cooperative agreements, which involve substantial federal oversight and consist of go/no-go technical milestones that ensure attentive stewardship of projects.

— Solar Builder magazine

Mass.-based mortgage lender adds ‘Own My Solar’ web portal for homeowners

Florida homebuilder solar

New Fed Mortgage Corp., a multi-state residential mortgage lender has partnered with NRGTree to provide a link to “Own My Solar” via their website. This innovative online tool allows homeowners to quickly determine in a few minutes the economic viability of potential savings of owning a solar energy unit that is custom designed to their home.

“I recently learned about this innovative green energy program and I’m excited to share the environmental and financial benefits of going solar,” stated New Fed Mortgage President, Brian D’Amico.

The average Massachusetts household paying $100.00 a month for electricity can save an estimated $35,900 over the next 20 years-almost $1,800 per year. What’s more consumers are willing to pay about $15,000 more for a home with rooftop solar panels.

NRGTree is a Mass.-based technology company that connects property owners with lending institutions and solar installers. Their Own My Solar platform provides homeowners a convenient online and anonymous experience to understand if buying solar makes sense for them. Unlike leasing solar, purchasing solar enables the homeowner to keep all the federal and state incentives, substantially reduce their residential energy costs and significantly increase their home value.

New Fed Mortgage, locally based in Massachusetts has specialized in residential retail mortgage lending since 2001. Licensed in seven states on the East Coast, the company offers a wide array of financing options including Conventional, Jumbo, FHA, VA, USDA, Portfolio products along with state housing programs. Available products range from 1st time home buyer programs with little or zero money down, to “pick your term” traditional fixed rate products, adjustment rate programs, rehab loans and 203K renovation loans.

— Solar Builder magazine

C&I solar boost: SEIA drafts model contract for PPAs

C&I Solar

The Solar Energy Industries Association (SEIA) released a new model contract to pave the way for more development of solar in the commercial and industrial (C&I) sector. The model power purchase agreement (PPA) for commercial customers was developed by SEIA’s C&I Working Group and vetted by some of the top law firms, development entities and financiers in the U.S.

The new PPA is an improved and streamlined version of its predecessor, which was originally developed by the National Renewable Energy Laboratory. Users will find the new C&I PPA Version 2.0 shorter in length, easier to navigate, and simpler to finance.

“By easing the negotiation and contracting processes, the revised model PPA document allows for quicker financing of solar projects and better access to low-cost capital,” said Mike Mendelsohn, SEIA’s senior director of project finance and capital markets. “We are deeply grateful to the wide variety of contributors to the document and want to especially thank the teams at Tesla, Ballard Spahr, Nixon Peabody, and Blank Rome for providing their expertise and leadership in this effort.”

These model contracts are a critical component of SEIA’s comprehensive consumer protection and industry facilitation efforts.

Head here for a list of downloadable model leases and PPAs.

Financing beyond FICO: Using asset-backed loans, PACE to get solar deals done

— Solar Builder magazine