SAN DIEGO, CA (PRWEB) May 01, 2013
With homeowners often wondering if solar will fit within their budget, San Diego-based solar company Solare Energy, Inc. has partnered with EnerBank USA to offer the first ever, solar specific combo loan*. The goal of the partnership and the loan is to make going solar easy for homeowners, and to provide immediate savings and cash flow. Solare Energy is offering this solar specific loan to all homeowners in San Diego, Riverside and Orange Counties that are looking to finance a residential solar system.
“We are so excited to be offering the first ever loan designed specifically for solar purchases,” says Solare Energy Vice President of Energy Assessments, John Davis. “It combines two great loans and then passes the savings to the homeowner making solar feasible for many more people. You can’t beat it.”
Residential solar solutions are becoming more popular as electricity rates have significantly increased, and the price of solar systems has become more affordable. The EnerBank USA combo loan is broken into two parts. The first acts as 12-months same-as-cash with a 0% interest rate to be paid back with the 30% federal tax credit homeowners receive for going solar. The second is a 12-year loan with a fixed 2.99% interest rate. Unlike other loans that can take 20 years to pay back, this loan offers immediate cash flow and savings for the homeowner.
Solare Energy partnered with EnerBank USA three years ago, but was chosen to offer this solar specific loan because of the working relationship with the institution and the benefits that will be received by Solare Energy homeowners.
Government tax credits are slated to be available through 2016 to help incentivize consumers move toward renewable energy sources, but the partnerships between solar contractors like Solare Energy and financial institutions like EnerBank USA are driving homeowners in San Diego, Orange and Riverside Counties to take control of their electric bills, and gain energy independence in an affordable way.
“Solare Energy is a great partner, and we are happy to be offering the same-as-cash solar project loan,” says Cade Bryant, Senior Relationship Manager of EnerBank USA. “The combo loan is allowing homeowners to take advantage of incentives and rebates before having to make any payments. This is a big step that will help increase the number of homes going solar.”
*Details of the Solare Energy, Inc. and EnerBank USA solar specific combo loan.
Loans provided by EnerBank USA (1245 Brickyard Rd. Suite 600, Salt Lake City, UT 84106) on approved credit, for a limited time. Repayment terms vary from 24 to 132 months. Interest waived if repaid in 365 days. 16.67% fixed APR, effective as of May 2013, subject to change. 2-Repayment term is 144 months. 6.99% fixed APR, effective as of May 2013, subject to change. The first monthly payment will be due 30 days after the loan closes.
About Solare Energy
Solare Energy, Inc. founded in 1989 as Vans Electric is a solar and energy efficiency company dedicated to providing top-of-class energy solutions for residential, commercial and non-profit customers. Each project is measured, analyzed and specifically tailored to meet the client’s energy needs, and provide maximum energy and economic benefits. For more information on Solare Energy, please e-mail info(at)SolareEnergy(dot)com or visit http://www.SolareEnergy.com.