May 17, 2022 09:00 ET | Source: Climate First Bank Climate First Bank
Eustis, Florida, UNITED STATES
ST. PETERSBURG, Fla., May 17, 2022 (GLOBE NEWSWIRE) — Climate First Bank, the world’s first FDIC-insured community bank founded to fight the climate crisis, today officially launches its digital solar lending platform. Accessible at https://apply.climatefirstbank.com/solar-loan, the experience makes it quick and easy for Florida residents to apply for specialized solar energy financing anytime and anywhere with absolutely no dealer fee. The expedited process – aided by a simplified online application process and real time approvals – makes it so most clients can get approved 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. This means a $30,000 system could cost $37,500. 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 looking to participate in the loan program and become a preferred partner can check out https://apply.climatefirstbank.com/solar-installers. Benefits include a dedicated personal banker, fast approvals, fast processing, 50% payment at project commencement and 50% payment at project completion.
**Annual Percentage Rate. APR current as of 5/17/2022. Loan subject to approval – Example based on 25-year $50,000 Amount Financed; 4 interest-only payments; 296 principal & interest payments of $265.84 with 3.94% simple interest rate.
About Climate First Bank
Climate First Bank is a values-based community bank offering a complete, full-service portfolio of simple and easy-to-use traditional banking products. These products are powered by high technology to meet the expectations of today’s consumers. In addition to offering standard banking services, the company places a special emphasis on non-governmental organizations (NGOs) and businesses committed to sustainability. Eco-conscious customers will find dedicated loan options for solar photovoltaic (PV), energy retrofits and infrastructure to help combat the climate crisis. Member FDIC.
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