While third-party ownership, combined with the falling cost of solar, have brought solar to many more people, some still prefer to own their system -- and take advantage of tax credits and other benefits. So it’s not surprising that we’ve been seeing a trend toward more solar loan offerings.
Admirals Bank has been a major player in the area. The bank’s SolarPlus loan program has enabled homeowners to own their power, reduce utility bills and, in most cases, improve their monthly cash flow.
Admirals Bank seems to agree with us that solar loans are getting big. The bank just announced that its SolarPlus loan now also allows homeowners to realize the full value of federal tax credits by combining a secured FHA Title I loan with an unsecured loan that matches a homeowner’s federal tax credit and can be paid off interest- and penalty-free within the first 18 months of its term. Admirals Bank has also expanded its hours of operation to meet the diverse needs of its contractors and the clients they service.
“In today’s market, more people are looking to own their solar system, and Admirals Bank is committed to providing competitive loan products that allow homeowners to capitalize on the benefits of ownership, said Ted Fawcett, Vice President and Director of Business Development of Renewable Energy Lending at Admirals Bank.” The new SolarPlus Loan provides qualified borrowers the option to apply their solar tax credit to an interest free ‘same-as-cash loan,’ which translates into lower payments from day one, and greater savings.”