Canadian Solar Inc. has launched its Canadian Solar Residential Financing Program that targets the U.S. market. The program is being launched in partnership with Massachusetts-based Admirals Bank.
Under the program, customers will be able to borrow up to $40,000 for a residential solar installation, subject to credit approval. The program has a ‘step down’ feature that enables customers to monetize solar tax credits, rebates and other incentives associated with ownership of their system. They can then pay that amount into the principal balance and then re-amortize the loan.
‘We believe there is a great opportunity to leverage our scale to help customers in the U.S. residential market to more easily gain access to necessary financing at attractive rates,’ says Canadian Solar chairman and CEO Shawn Qu. ‘We have a very qualified partner in Admirals Bank, as we work to streamline the process for both residential customers and installers’