Financing solar panels just got easier.
There are plenty of environmental and financial advantages when switching your home to solar energy. By financing your solar power system through BankFive, you’ll get the competitive rates and exemplary service you expect, all while doing your part to promote clean energy.
- Fixed interest rates
- Various term lengths available
- Borrow up to $75,0001
- Only residential solar electric systems are eligible
- Third-party lease or power purchase agreements for solar are not eligible
- Solar electric systems must be connected to the electricity distribution grid
If you’re interested in financing solar panels for your home, here are some next steps:
- Select a solar installer2.
- Retain a copy of your signed solar installation contract (you will need to provide it during the solar loan application process).
- Apply for solar financing.
1Some restrictions may apply. This offer is subject to credit approval and may be terminated at any time. Minimum loan amount is $10,000.00. Maximum loan amount is $75,000.00. Copy of signed solar installation contract must be provided during time of application. Loans are available to residents of Massachusetts and Rhode Island. Minimum FICO score requirement of 700. Maximum debt to income ratio of 45%, based on net income. Loans will be secured by UCC filings recorded with the State and Registry of Deeds on solar panels. BankFive shall offer, at no cost to the borrower, a one-time right to re-amortize the loan. To release UCC liens the borrower is responsible for recording the discharges and discharge recording fees associated.
2BankFive is released from any liability from the selection of the solar panel installation company. Borrowers are solely responsible for the selection and approval of the installer and work to be completed. Funds will be disbursed directly to the installer and will be disbursed in two installments: 60% will be disbursed at loan closing, and the remaining 40% will be disbursed once BankFive receives confirmation of solar installation completion and connection to the electricity distribution grid.
BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender
Homeowner Resources
