EnerBank USA introduced its 12- and 20-Year PowerLoan with an optional re-amortization feature for Solar PV projects. Annual percentage rates (APRs) for 12-Year PowerLoan is 1.99%, 2.99%, and 3.99%; 20-Year PowerLoan APRs are 4.99% and 5.99%. Minimum and maximum loan amounts are $15,000 and $65,000, respectively, on approved credit. These new loans are specifically for homeowners who want to use their solar tax credit to pay off a portion of the principal amount, in a lump sum within the first 18 months of their loan, to lower their monthly payments while retaining the loan’s original interest rate and terms. In addition to the new PowerLoan, EnerBank offers a variety of other solar loans such as Same-As-Cash and low interest loans with fixed monthly payments. The bank’s innovative Combo Loan is another available option.
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