Solar energy continues to grow in popularity as homeowners and businesses look for ways to reduce their energy bills using a reliable energy source. With today’s environment of rising prices on goods and services, and the federal and state renewable energy tax incentives that are in place, there has never been a better time to consider solar energy for your home or business. Implementing solar energy is an investment, so it is beneficial to consider a solar loan. Here is solar financing information to know as you make that decision.
What Is A Solar Loan?
A solar loan is a loan taken out to invest and implement solar energy without paying for the installation and solar panels upfront. Solar loans come in a variety of structures, rates, and terms, so you can choose which option suits you best financially.
Renewable Energy Incentives
Over the years, solar energy systems have become more affordable, and there are now federal and state tax incentives that make solar projects even more financially appealing.
The Federal Solar Tax Credit allows customers who qualify to deduct 26% of the cost of installing a solar energy system from their federal taxes, in addition to other rebates and tax incentives offered by most states. If you choose to utilize a solar loan, you still qualify for these credits. With these incentives, customers may offset a large amount of the installation cost, making them able to enjoy the savings on energy bills sooner.
Solar Financing At Banterra Bank
Did you know that Banterra offers financing for residential and small business solar projects? Banterra’s Solar Loan Program is a great solution for anyone looking to install a solar energy system on their home or small business.
Banterra can finance 100% of the cost to install the system for a term of up to 10 years with a competitive, fixed interest rate. There is no prepayment penalty, so when tax incentives are realized, borrowers can pay down the principal of their loan faster, or even refinance their loan for a lower monthly payment with no additional fees.
Another benefit is that there are no additional liens placed on real estate, as this is not a home equity loan. Although a home equity loan is a good solution for some, Banterra’s Solar Loans are secured by the solar equipment, so there is no need for a second mortgage.
Applying For A Solar Loan At Banterra Bank
At Banterra, we want to save you time and offer convenience. You can apply online at banterra.bank to begin your solar loan process. You will complete a short online form and will be contacted by a Banterra Solar Loan representative within two business days to complete the loan process.
Information needed from the borrower includes:
- Proof of real estate ownership (Property Tax Bill) - A Banterra representative can access this through public records
- Income verification - Current YTD paystub, W2, tax return, or verified direct deposit to a Banterra checking account
- Loan fee plus applicable filing fee
With flexible terms and affordable rates, Banterra’s Solar Loan Program is a great solution for anyone considering a solar energy system for their home or small business. Learn more at our Solar Loans information page or by contacting a Banterra Solar Lending representative at solar@banterra.com.
Financial Education General Loans Solar Financing
January 31, 2022 by Banterra Bank
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