Climate First Bank reduces solar loan rates
By Kelly Pickerel | February 26, 2024
Climate First Bank has updated the interest rates on its 30-year Residential Solar Loan product to 7.83% and a 7.99% APR*.
It is the first time the financial institution has decreased its solar loan rates and extended the loan term. Additionally, clients who enroll in auto-pay will receive a 0.25% discount for the new Residential Solar Loan product, equating to a 7.58% rate with a 7.73% APR*.
Since the inception of Climate First Bank’s solar loan program, the bank has never charged dealer fees. The bank also does not charge a prepayment penalty.
In 2023, the bank financed $35 million in solar loans for businesses and $83 million in solar loans for individuals. This marks a 472% increase in solar business loans and a 367% increase in consumer loans year over year. These massive increases represent more than growth but also represent a growing need and desire for Americans to become more sustainable in their day-to-day lives, a need Climate First Bank is equipped to meet.
“We believe in financing for good and doing our part in protecting the irreplaceable ecosystem we live in. We do that by providing specialized loan options for sustainable initiatives like rooftop solar, regenerative building retrofits, EV charging and more,” said Climate First Bank CEO and Founder Ken LaRoe. “With the new and improved Residential Solar Loan, we ensure the lowest monthly payment for clients, making this lifestyle change more obtainable.”
*Annual Percentage Rate (APR) will be current as of February 22, 2024, and subject to change.
**7.73% APR if available only to customers paying loan payments by auto-pay. The APR without auto-pay will be 7.58%.
News item from Climate First Bank