Climate First Bank launches solar financing platform for Florida residents with no dealer fees
Climate First Bank has launched 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 without any dealer fees. The expedited process – aided by a streamlined online application process and real-time approvals – allows most clients to be approved for up to 100% financing with no down payment in less than 48 business hours. The first 100 loans generated through the platform will enjoy a special promotion of 3.99% APR for 25 years without dealer fees.
Deceptive solar loan financiers lure customers by boasting of low-interest loans with exceptionally low payments, but there’s a catch – undisclosed dealer fees that amount to more than 25% of the total system cost, according to Climate First Bank. These hidden costs are billed to the installer of the solar panel and then passed on to the consumer, resulting in a higher total cost. For example, a $30,000 solar power system could mean up to $7,500 in undisclosed costs. This means that a $30,000 system could cost $37,500. Not only does this negatively impact the customer, it affects the entire solar credit industry, as those looking to do good for the planet are deterred by predatory practices and unfair spending.
In partnership with solar installers, Climate First Bank CTO Marcio DeOliveira developed this proprietary technology to bring transparency and openness to solar energy financing. Along with a low monthly payment option, customers can pay off their loan in full at any time without any penalties or prepayment charges and keep their 26% tax credit. Any payments made in excess of the contractual monthly installment will be applied to a reduction in the principal balance of the loan.
“Now, with just a few clicks, clients can increase property value, 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 had existed when I was installing solar power on my house.”
“Our robust tool is the next step forward for sustainable lending, making it easier for anyone to install a solar panel on their roof,” said Climate First Bank President Lex Ford. “With our transparent solar financing, consumers can purchase a solar power system at no extra cost or undisclosed fees. Customers, installers, and the planet all win with this new platform.”
Climate First Bank news article