US Power Introduces EnFin Solar Loan Without Prepayment Penalties
News related to:US Power · 2 min read
US Power has introduced a new financing option, the EnFin Solar Loan, which allows homeowners to own their solar energy systems without incurring prepayment penalties. This innovative loan solution is designed to provide homeowners with a flexible and cost-effective path to renewable energy, while retaining eligibility for federal and state tax credits.
Unlike traditional lease or power purchase agreements, the EnFin Solar Loan maintains the homeowner as the owner of record for the system. This means that homeowners can claim the federal Solar Investment Tax Credit and any applicable state incentives, ensuring they benefit fully from government support for solar energy.
The EnFin Solar Loan is evaluated based on more than just a traditional credit score. It accepts up to two co-applicants, provided at least one is on the property's title, and provides an instant credit decision through its online application process. This streamlined approach makes it easier for a broader range of homeowners to access solar energy solutions.
One of the key features of the EnFin Solar Loan is its no-prepayment penalty structure. Borrowers pay only the interest that has already accrued, with any additional payments reducing the principal. This means that homeowners can pay off the loan early without incurring any additional fees, making the loan an attractive option for those looking to save money on their energy bills.
Another advantage of the EnFin Solar Loan is that it does not place a lien on the home. Instead, it files a UCC-1 and county fixture filing to secure its interest in the solar equipment itself. This approach ensures that the homeowner retains full ownership of the property while benefiting from the solar system.
US Power is offering a 0.25% APR reduction for homeowners who enroll in automatic payments through the Automated Clearing House (ACH) system. This incentive encourages early and consistent payments, making the loan more accessible and affordable for a wider range of homeowners.
The EnFin Solar Loan is serviced by EnFin Corp. or Hatch Bank, which are chartered financial institutions. These loans are also transferable to a new owner if the home is sold, subject to credit approval. This flexibility ensures that the benefits of solar energy can be passed on to future homeowners.
According to Erik Sords, a Senior Energy Consultant at US Power, the loan is particularly beneficial for homeowners who are interested in owning the asset and capturing the tax credit themselves.
The EnFin Solar Loan is now available alongside US Power's existing financing options across all of its current markets. Homeowners interested in reviewing loan eligibility can visit uspowersolar.com to schedule a free consultation with a US Power energy consultant.