Admirals Bank has launched a new division called Admirals Alternatives, which is designed to provide U.S. homeowners with financing for solar installations and other types of renewable energy systems.
The program, specifically tailored to the solar and renewable energy industry, allows homeowners to apply for up to $40,000 for residential renewable energy systems. The division can pre-qualify a homeowner in minutes, the company adds.
‘Current solar renewable energy credits and incentives alone make home solar energy an attractive purchase,’ notes Ryan Wells, vice president and director of renewable energy lending programs. ‘Our financing will pay for the system upfront, which will help homeowners reap the benefits of such incentives.’
Many homeowners are typically only presented with the option to lease their solar system from a third-party owner who collects the tax incentives and other available rebates, the company explains.
Unlike current solar leasing options, Admirals Alternatives' financing allows homeowners to be eligible for utility and government incentive monies reserved for purchasing home renewable energy systems. Homeowners who use these benefits to pay down the principal amount of the loan will also be entitled to a one-time re-amortization of the loan, at no cost, to reduce the monthly installment payments.