Local weather First Financial institution has launched its digital photo voltaic lending platform. Accessible at https://apply.climatefirstbank.com/solar-loan, the expertise makes it fast and simple for Florida residents to use for specialised photo voltaic power financing with completely no supplier payment. The expedited course of – aided by a simplified on-line utility course of and actual time approvals – makes it so most shoppers can get permitted for as much as 100% financing with no cash down in lower than 48 enterprise hours. The primary 100 loans generated by way of the platform will obtain a particular promotion of three.99% APR for 25 years with zero supplier payment.
Misleading photo voltaic power mortgage financiers lure in shoppers by boasting of low interest-rate loans with exceptionally low funds however there’s a catch – undisclosed supplier charges that quantity to greater than 25% of the full price of the system, says Local weather First Financial institution. These hidden charges are charged to the photo voltaic panel installer after which handed all the way down to the buyer, leading to a bigger whole price. For instance, a $30,000 photo voltaic power system may imply as much as $7,500 in undisclosed charges. This implies a $30,000 system may price $37,500. Not solely does this negatively affect the shopper, nevertheless it impacts the entire photo voltaic mortgage business, as these trying to do good for the planet are dissuaded by predatory practices and unfair bills.
Partnering with photo voltaic installers, Local weather First Financial institution’s CTO Marcio DeOliveira developed this proprietary know-how to convey transparency and openness to photo voltaic power financing. Along with a low month-to-month cost possibility, shoppers can absolutely prepay their mortgage at any time with completely no prepayment penalty or payment and maintain their 26% tax credit score. Any funds made along with the contractual month-to-month cost shall be utilized towards a discount within the principal steadiness of the mortgage.
“Now with just a few clicks, shoppers can improve their property values, drastically cut back and even remove prices and save the planet all by investing in renewable photo voltaic power,” mentioned Ken LaRoe, founder and CEO of Local weather First Financial institution. “I want one thing this easy existed once I was placing photo voltaic on my home.”
“Our sturdy instrument is the following step ahead for sustainable lending, making it straightforward for anybody who desires to stay a photo voltaic panel on high of their roof,” mentioned President of Local weather First Financial institution, Lex Ford. “Because of our clear photo voltaic financing, shoppers can buy a photo voltaic power system with no undisclosed surcharges or charges. Shoppers, installers and the planet alike all win with this new platform.”
Information merchandise from Local weather First Financial institution