Admirals Bank Is to Be the Exclusive Financing Resource of the Solarize Asheville Initiative

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Admirals Bank, a leading national provider of residential renewable energy financing, recently agreed to participate in the Solarize Asheville initiative to offer interested homeowners innovative loan products to subsidize residential solar systems and installations.

Solar 101

We regularly conduct market analyses to locate unique areas, like North Carolina, where homeowner incentives are high so we can further simplify the procurement of residential solar systems by offering our lending products.

On August 29, 2013 a workshop titled, “Solar 101” was held at the Unitarian Universalist Church of Asheville to generate interest among homeowners within the Asheville city limits who may have considered purchasing solar panels for their homes. Keynote speakers at this workshop included Wilson Riskerson of the U.S. Department of Energy (DOE), Patrick Murphy, a Relationship Manager and Solar Financing Expert of Admirals Bank, and representatives of Sundance Power Systems, the exclusive solar installer chosen for the Solarize Asheville initiative. Solarize Asheville was organized by the Blue Ridge Sustainability Institute and this is the first non-profit project of this nature to launch in the Southeast. Solarize Asheville opens up a tremendous opportunity for homeowners in the area to take advantage of financing options and purchase home solar systems. Homeowner enrollment for the Solarize project began August 12, 2013 and will continue to run through October 11, 2013.

The state of North Carolina currently offers residents who purchase solar systems a tax credit up to 35% of the total purchase cost of the system. Additionally, under the American Recovery and Reinvestment Act of 2009 homeowners are eligible for a federal personal income tax credit up to 30% of the purchase cost of their renewable energy system, without a maximum limit.* Tax credits reserved by the government pooled with local North Carolina incentives permit homeowners to be reimbursed up to 65% of the total cost of a residential system. The tax credits offered in North Carolina are significantly higher compared to most states in the country, making this an ideal location for the Solarize project.

The loan programs designed by Admirals Bank allow homeowners to borrow up to $40,000 for residential solar systems.** Homeowners can also apply any rebates, tax credits or incentive monies they may receive to the principal balance of their loan within the first 24 months of the fund date. If a homeowner chooses this option he or she may then re-amortize their loan at no cost to reduce his or her monthly payments.*** The loan programs provided by Admirals Bank are non-equity based,**** and homeowners may receive the funds in as little as 12 days, prior to the system being installed.

Robert Banaski, Executive Vice President and Head of Retail Banking and Operations at Admirals Bank stated, “North Carolina is an ideal market to host a Solarize initiative. Our Bank’s financing products, coupled with local and federal tax credits make home solar energy an attractive purchase. We greatly value the opportunity to be the exclusive financing resource for this project, and judging from the success we have witnessed from other Solarize projects, we trust this will be very well received.”

Over the past 18 months Admirals Bank has significantly contributed to the considerable successes of two additional Solarize projects in Connecticut and Massachusetts. In early 2012, Admirals Bank participated in the first Solarize initiative, Solarize Massachusetts, and assisted homeowners in Hopkinton, Millbury and Sutton obtain the necessary funds to purchase solar systems. Earlier this year the Bank also signed on with Solarize Connecticut to offer homeowners in Durham, CT financing for residential systems. This particular initiative resulted in solar panel installations on over 100 homes in Durham producing over 1.017 million watts of clean energy.

Mr. Banaski concluded, “Our Bank is committed to providing renewable energy lending on a national level. We regularly conduct market analyses to locate unique areas, like North Carolina, where homeowner incentives are high so we can further simplify the procurement of residential solar systems by offering our lending products.”

For more information regarding Admirals Bank Renewable Energy Lending please call 800.769.8472 to speak with a Relationship Manager or email us at renewables(at)admiralsbank(dot)com

About Admirals Bank

Admirals Bank is a federally-chartered financial institution headquartered in Boston, MA with a Regional Banking Center in Providence, RI. Admirals Bank is an active acquirer of commercial real estate loans in the secondary market and also remains a leading national provider of the Title I Home Improvement Loan. Admirals Bank has focused its Title I lending efforts in the residential solar and renewable energy industry. Admirals Bank also offers customers Residential Mortgage Loans. Admirals Bank provides customers with classic banking options such as checking, savings and money market accounts, which can be conveniently opened and maintained online or via a mobile device. Admirals Bank also introduced Bespoke Banking to the financial industry, which is individually tailored, highly customized, relationship banking. Admirals Bank is an Equal Housing Lender and Member FDIC.

*The information contained in this document should not be relied upon as tax or legal advice. Please consult your lawyer or tax preparer regarding residential renewable energy tax credits.
**All loans require a completed application and are subject to credit approval.
***Must be a project that qualifies for federal and/or government rebates or incentives.
****Lien will be placed against the property. Lien will be in first or second position.

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Charlie Angione
Admirals Bank
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