EnerBank adds four new flexible repayment options for solar customers

EnerBank USA, the national consumer lender that helps strategic business partners and independent home improvement contractors increase their sales, announced four new Triple Option Loan terms for contractors to offer homeowners who are installing solar panels and expect to receive income tax incentives, rebates, and/or other significant payments.

The new loan features additional options with 12- or 18-month no-payment periods and three re-amortizations of principal and interest over the life of the loan, providing homeowners the ultimate flexibility in choosing how they want to pay for their projects.

The additional loan terms and rates are as follows:
No Payment Period …… APR……….. Loan Term
12-/18-Month……………. 4.99%……….. 12-Year
12-/18-Month …………….4.99%……….. 20-Year
12-/18-Month …………….4.99% ………..15-Year
12-/18-Month …………….5.99% …………..15-Year

During the 12- or 18-month no-payment period, customers are not required to make payments on the loan. If the entire principal amount is paid off before the expiration of the no-payment period, all accrued interest is waived. After the no-payment period, the loan is re-amortized, followed by two more re-amortization events each May of the following years. This allows homeowners the option to apply rebates, bonuses or tax refunds to reduce the amount of their monthly loan payment.

“When solar contractors offer the Triple Option Loan, it’s a win-win for both the contractor and the homeowner,” said Charlie Knadler, president and CEO of EnerBank. “As a result of the popularity of our original Triple Option Loan terms and feedback from our customers, we’ve expanded our terms to provide even greater flexibility.”

— Solar Builder magazine

[source: https://solarbuildermag.com/financing/enerbank-adds-four-new-flexible-repayment-options-for-solar-customers/]