Climate First Bank launches solar financing platform to Florida residents with no dealer fees
Climate First Bank has launched its digital solar loan platform. Accessible at https://apply.climatefirstbank.com/solar-loan, the experience makes it quick and easy for Florida residents to apply for specialized solar financing without any dealer fees. The accelerated process — aided by a simplified online application process and real-time approvals — ensures most clients can be approved for up to 100% cashless financing in less than 48 business hours. The first 100 loans generated through the platform will receive a special promotion of 3.99% APR for 25 years with no dealer fee.
Deceitful solar loan lenders lure customers by bragging about low-interest loans with exceptionally low payments, but there’s a catch: undisclosed dealer fees exceeding 25% of the system’s total cost, says Climate First Bank. These hidden costs are billed to the solar panel installer and then passed on to the consumer, resulting in higher total costs. For example, a $30,000 solar system could mean up to $7,500 in undisclosed costs. This means that a $30,000 system can cost $37,500. This is negatively impacting not only the customer but the entire solar loan industry as those who want to do good for the planet are deterred by predatory practices and unfair charges.
In collaboration with solar installers, Marcio DeOliveira, CTO of Climate First Bank, developed this proprietary technology to bring transparency and openness to solar financing. In addition to a low monthly payment option, customers can prepay their loan in full at any time with no penalty or prepayment fees and keep their 26% tax credit. Any payments made in addition to the contractual monthly payment will be used to reduce the principal balance of the loan.
“Now, in just a few clicks, customers can increase the value of their property, dramatically reduce or even eliminate costs, and save the planet by investing in renewable solar energy,” said Ken LaRoe, founder and CEO of Climate First Bank. “I wish something so simple existed when I put solar power on my house.”
“Our robust tool is the next step forward for sustainable lending, making it easy for anyone looking to put a solar panel on their roof,” said Lex Ford, president of Climate First Bank. “Thanks to our transparent financing of solar energy, consumers can purchase a solar energy system with no secret fees or fees. Customers, installers and the planet are all winning with this new platform.”
News item from Climate First Bank