Installers: sell more solar

15-year rates start at 5.74% and 20-year rates at 6.24% for best qualified borrowers.

No payment on your customer’s solar loan until next summer. In 2019, renewable energy installations may be eligible for a 30% federal tax credit. With the Summer Solar Loan, no loan payment is due until June 15th of the year after installation. This gives time for most tax returns to be filed and refunds to be received. The first loan payment is 15% of the original loan amount.

To illustrate: If your customer invests $30,000 in an eligible renewable energy project, the potential tax credit is $9,000 and your customer’s first loan payment is $4,500.

The term of the Summer Solar Loan is 14 years. It’s like two 7-year loans back to back. The 14-year loan is divided into two 7-year fixed periods, with a fixed interest rate for each period.

When the rate resets at the start of the next 7-year term, it adjusts to the then current 7-year US Constant Maturity Treasury (CMT) rate, plus 3.25%. It resets again for the final 7-year term.

To illustrate how your customer’s rate will reset: if your rate adjustment date was on May 31, 2019, the new rate would be 5.28% (7-year CMT of 2.03 + 3.25 = 5.28%). And to make sure your customer’s payments remain low, each adjustment can increase by no more than 2.5% over the previous rate in effect.

Your customer just hit the Jackpot with the longest loan term available in the industry. That means lower monthly payments. The new 21-year “Jackpot Solar Loan” from Community 1st is like three 7-year term loans back to back to back, so your customers get the lowest rates and lowest monthly payments available. A 21-year loan is divided into three 7-year fixed periods, with a fixed interest rate for the first 7 years.

When the rate resets at the start of the next 7-year term, it adjusts to the then current 7-year US Treasury (UST) rate, plus 3.25%. It resets again for the final 7-year term.

To illustrate how your customers rate will reset: if their rate adjustment date was on May 31, 2019, the new rate would be 5.28% (7-year UST of 2.03 + 3.25 = 5.28%). And to make sure your customer’s payments remain low, each adjustment can increase by no more than 2.5% over the previous rate in effect.

We will notify you when the customer’s application is approved and request a copy of the signed solar contract at that time, which is due before we fund the loan. The signed solar contract should include:

• The payout schedule
• A description of the solar system, including brand name
• System size in kWh
• Quantity and manufacturer of panels
• Quantity of inverters, including manufacturer of inverters

While we will give you all the info you need to know for your peace of mind, we never expect your sales team to be the loan officers — that’s our job. In addition to the information here and for Homeowners, you can contact us while you’re with your prospect if they have any questions about financing. We are also happy to supply you with additional marketing materials and current rates.

You tell your prospects “rates as low as” and “terms as long as” and we will do the rest! From taking the application all the way through the loan underwriting process to finalizing the loan documents, we have you covered.

Customers can apply for a loan from any web browser or by phone:

• Web browser: Visit the Homeowners page.
• By phone: Call 800-493-1310 to speak with a member of the loan team.

If qualified, we will instantly approve the loan or immediately let them know if we need any additional information. If not instantly approved, it typically takes a few hours to receive a loan decision.

We have promotional PDFs that describe the loan products and are easy to print or attach to emails.  To access these and other sales and marketing tools “Enter here“.