EnerBank USA, a consumer lender that helps strategic business partners and independent home improvement contractors increase their sales, recently announced a new Triple Option Loan for contractors to offer homeowners who are installing solar panels and expect to receive income tax incentives, rebates, and/or other significant payments. The new loan features a 12- or 18-month no-payment period and three re-amortizations of principal and interest over the life of the loan, providing homeowners the ultimate flexibility in choosing how they want to pay for their projects.
During the 12- or 18-month no-payment period, customers are not required to make payments on the loan. If the entire principal amount is paid off before the expiration of the no-payment period, all accrued interest is waived. After the no-payment period, the loan is re-amortized, followed by two more re-amortization events each May of the following years. This allows homeowners the option to apply rebates, bonuses or tax refunds to reduce the amount of their monthly loan payment.
And, with the new Triple Option Loan, contractors have an additional choice in financing options they can offer their customers, helping them grow their businesses in the process.