EnerBank USA, the nationwide shopper lender that helps strategic enterprise companions and impartial dwelling enchancment contractors enhance their gross sales, not too long ago introduced 4 new Triple Option Loan phrases for contractors to supply householders who’re putting in solar panels and count on to obtain earnings tax incentives, rebates, and/or different important funds. The new loan options further options with 12- or 18-month no-payment durations and three re-amortizations of principal and curiosity over the lifetime of the loan, offering householders the last word flexibility in selecting how they wish to pay for their initiatives.

The further loan phrases and charges 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 interval, customers aren’t required to make funds on the loan. If the whole principal quantity is paid off earlier than the expiration of the no-payment interval, all accrued curiosity is waived. After the no-payment interval, the loan is re-amortized, adopted by two extra re-amortization occasions every May of the next years. This permits householders the choice to use rebates, bonuses or tax refunds to cut back the quantity of their month-to-month loan fee.

“When solar contractors offer the Triple Option Loan, it’s a win-win for both the contractor and the homeowner,” mentioned 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.”

 News merchandise from EnerBank USA

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