General terms for the lender products include:
| Max LTV (combined) | 100% |
| Loan Types (can be taken in combo or individually) | Short-Term Loan Up to 26% of Loan-To-Value (LTV; e.g. Project Costs) for a term of up to 18 months. Provides funds to cover the Investment Tax Credit which homeowner can recover with their next tax return. No current payments. Repaid in full with accrued interest by end of term. Long-Term Loan Up to 74% of LTV for a term of 12 or 15 years Fixed monthly payments for the term of the loan. |
| Maximum Loan Amount | $50,000 |
| Security | No new debt on property. Loan is secured by the solar equipment only. |
| Interest Rates as low as: (for Best Credit) | Short Term: (up to 18 months) 5.00% Long Term: 12 yrs 15 yrs 5.00% 5.54% |
| Prepayment | Allowed. No penalties. |
| Financing Fees | $0 |
| Green Bank Program Fee | $200 |
| Lender Application Fees | $25 for each Loan Type |
UCC Filing Fees | Up to $300 |
| Sample Payments for $20,000 loan | Short Term: $5,200 - 26% LTV Short Term No current payments Payment of $5,604 at 18 months Long Term: $14,800 - 74% LTV Long Term 12 yrs 15 yrs $137/mo $121/mo |
NOTE: Access to the preferred rates of the CEA Program are only available through a Participating Contractor. By working with a Participating Contractor, you will be directed to a website to determine your eligibility for the CEA Program and then providing you with the opportunity to choose a lender for a loan application and have access to the preferred CEA Program rates. Find a Participating Contractor here.
