What happens to the interest on the loan if it’s not paid in full by the end of the intro period?
If the loan is not paid in full by the end of the promotional period, interest will begin to accrue on the remaining balance and the borrower will start to make payments towards principal and interest. There is no interest or accrual during the 18-month introductory period.
When does the automatic re-amortization occur?
Money added to the loan before re-amortization at month 18 helps borrowers lock in a lower payment for the remaining 20 year term
What happens when a customer pays more than the minimum payment?
Any additional payments over the minimum will go directly towards paying down the principal.
Is there a penalty for paying the loan off early?
No, there are no fees or penalties if the loan is paid off or in full at any time.
Is the loan transferable during the introductory period?
If you sell your house the solar loan can be paid in full or transferred to the new homeowner.
Is the ITC amount due at month 18 like most traditional solar loans?
Yes, the ITC amount is due by month 18.
What is the catch?
There is no catch, customers have 18-months interest free to pay down their solar loan. If at that time it is paid off great, if not the solar loan will re-amortize and interest begins to accrue on the remaining balance with the borrower’s monthly payment including both principal & interest at the selected 4.99% or 5.99%. This is a great way to help borrowers maximize savings and give them an opportunity to pay off the loan or greatly pay down the principal.
Is there just one loan option?
No, there are two options available
25 year term, 0% interest for 18 months 4.99% after introductory period
25 year term, 0% interest for 18 months, 5.99% after introductory period
What customer is a good candidate for this solar loan?
This loan is ideal for customers who may want to pay off or greatly pay down their system within the first 1.5 years.
What makes this loan better than others?
Since the customer will be making monthly payments directly towards principal it will drastically undercut other loan products' monthly payments during the no-interest term.