Climate First Bank, billed as the world’s first FDIC-insured community bank founded to fight the climate crisis, has launched its digital solar lending platform in the US.
Florida residents can apply for specialist solar energy financing anytime with no dealer fee. The expedited process – aided by a simplified online application process and real time approvals – provides most clients with approval for up to 100% financing, with no money down, in less than 48 business hours.
The first 100 loans generated via the platform will receive a special promotion of 3.99% APR for 25 years with zero dealer fee.
Deceptive solar energy loan financiers lure in clients by boasting of low interest-rate loans with exceptionally low payments but there is a catch – undisclosed dealer fees that amount to more than 25% of the total cost of the system.
These hidden fees are charged to the solar panel installer and then passed down to the consumer, resulting in a larger total cost. For example, a $30,000 solar energy system could mean up to $7,500 in undisclosed fees. Not only does this negatively impact the client, but it affects the whole solar loan industry, as those looking to do good for the planet are dissuaded by predatory practices and unfair expenses.
Partnering with the top solar installers in the nation, Climate First Bank’s CTO Marcio DeOliveira developed this proprietary technology to bring transparency and openness to solar energy financing.
In addition to a low monthly payment option, clients can fully prepay their loan at any time with absolutely no prepayment penalty or fee and keep their 26% tax credit.
Any payments made in addition to the contractual monthly payment will be applied towards a reduction in the principal balance of the loan.
“Now with a few clicks, clients can increase their property values, drastically reduce or even eliminate costs and save the planet all by investing in renewable solar energy,” said Ken LaRoe, founder and CEO of Climate First Bank. “I wish something this simple existed when I was putting solar on my house.”
“Our robust tool is the next step forward for sustainable lending, making it easy for anyone who wants to stick a solar panel on top of their roof,” said President of Climate First Bank, Lex Ford. “Thanks to our transparent solar financing, consumers can purchase a solar energy system with no undisclosed surcharges or fees. Clients, installers and the planet alike all win with this new platform.”
Climate First Bank is interested in partnering with Florida’s top-tier residential and commercial solar PV installers. Those considering participation in the loan program and becoming a preferred partner can click here.
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