Solar loans are making the news these days as homeowners continue to choose to own their solar system. As people continue to express interest in solar loans, financing companies are seeing the business opportunity and creating their own solar loan programs. The programs can benefit business owners as well as homeowners.
Admirals Bank, a provider of solar and renewable energy financing, is now expanding its financing options to include two new residential loan products. It’s calling them the FastTrack and FastTrack Deferred loan programs.
These products allow for faster loan approval times, a more seamless application process, and enhanced service levels and availability. This can help convince homeowners to go solar as they will need to wait less time to find out if they are approved for their loans. The FastTrack loans will be offered through a dealer program.
In addition, Admirals Bank is introducing a solution for commercial solar customers. These loans will primarily service under-served, small-to-medium sized businesses, and address a growing need in the commercial sector for affordable solar financing.
These products are being released just in time for this year’s Solar Power International where Admirals Bank will showcase the benefits of their system.
“We saw how the declining costs of solar panels and emerging financing options had contributed to the exponential growth of the industry,” said Nicholas W. Lazares, Chairman and Chief Executive Officer of Admirals Bank. “Our new loan programs align with the needs of today’s solar customer, and we will continue to develop and enhance our offerings as the industry evolves.”
In addition to being an advantageous product for consumers, the FastTrack program also meets the expectations of installers and other industry professionals. This program allows Admirals Bank to provide their dealer network with broader and more flexible loan options, including loan options without dealer fees and loan options for low FICO borrowers.
By creating several loan options Admirals Bank hopes to further open up the solar market to a wider audience. This is good news for homeowners and dealers alike as an expanded market will help to ensure solar ends up on more roofs.