Climate First Bank reduces solar loan rates

Climate First Bank has up to date the rates of interest on its 30-year Residential Solar Loan product to 7.83% and a 7.99% APR*.

It’s the first time the monetary establishment has decreased its photo voltaic mortgage charges and prolonged the mortgage period. Moreover, purchasers who enroll in auto-pay will obtain a 0.25% low cost for the brand new Residential Photo Voltaic Mortgage product, equating to a 7.58% price with a 7.73% APR*.

For the reason inception of Local Weather First Financial institution’s photo voltaic mortgage program, the financial institution has by no means charged vendor charges. The financial institution additionally doesn’t cost a prepayment penalty.

In 2023, the financial institution financed $35 million in photo voltaic loans for companies and $83 million in photo voltaic loans for people. This marks a 472% improvement in photo voltaic enterprise loans and a 367% improvement in shopper loans 12 months over 12 months. These huge increases symbolize greater than progress but additionally symbolize a rising want and want for Individuals to grow to be extra sustainable in their day-to-day lives, a necessity Local Weather First Financial institution is provided to fulfill.

“We consider in financing for good and doing our half in defending the irreplaceable ecosystem we stay in. We do this by offering specialized mortgage choices for sustainable initiatives like rooftop photo voltaic, regenerative constructing retrofits, EV charging, and extra,” mentioned Local Weather First Financial Institution CEO and Founder Ken LaRoe. “With the brand new and improved Residential Photo voltaic Mortgage, we make sure the lowest month-to-month fee for purchasers, making this lifestyle change extra obtainable.”

*Annual Share Charge (APR) will probably be present as of February 22, 2024, and topic to alter.
**7.73% APR if accessible solely to clients paying mortgage funds by auto-pay. The APR without auto-pay will probably be 7.58%.           

News item from Local weather First Financial institution