Climate First Bank Reduces Solar Loan Rates for Increased Access to Sustainable Living
The values-based bank is the first in the nation to decrease solar loan rates and extend its term
ORLANDO, Fla., Feb. 26, 2024 (GLOBE NEWSWIRE) — Climate First Bank, the world’s first FDIC-insured community bank founded to combat the climate crisis, today announces its re-envisioned Residential Solar Loan product featuring a new 30-year term with an interest rate of 7.83% and a 7.99% APR*. It is the first time a financial institution has decreased its solar loan rates and extended the loan term. The move embodies the bank’s commitment to making sustainable finance accessible to everyone.
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. Dealer fees are additional charges added to the total cost of a solar loan. These are often hidden and, on average, add an additional 35% onto the loan amount. The bank continues its commitment to not charge dealer fees, increasing viability for many. The bank 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.”
“We work hand-in-hand with reliable solar installers all over the state of Florida to make these lifestyle changes a reality for customers. Beyond contributing to carbon drawdown and making sustainable living more accessible, these solar loans provide numerous incentives to customers like federal and state tax credits, solar rebates and sales and property tax exemptions,” said Climate First Bank Solar Loan Officer Jeff Cowherd.
The bank operates as a vehicle for positive impact by helping customers live a sustainable lifestyle, without worrying that the transactions will go toward financing fossil fuels. The values-based, community-driven bank also developed a Digital Consumer Solar Lending Platform to increase accessibility to solar energy anywhere at any time. While other banks reject customers looking for solar loans, Climate First Bank is expanding access.
For more information on Climate First Bank’s solar loan programs, please visit www.climatefirstbank.com/apply/solar-loan.
*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%.
About Climate First Bank
Climate First Bank is a Certified B Corp, values-based community bank offering a complete, full-service portfolio of simple and easy-to-use traditional banking products. These products are powered by technology to meet the expectations of today’s consumers. In addition to offering standard banking services, the company places a special emphasis on non-governmental organizations (NGOs) and businesses committed to sustainability. Eco-conscious customers will find dedicated loan options for solar photovoltaic (PV), energy retrofits and infrastructure to help combat the climate crisis. The bank reports annually on its impact in line with corporate social responsibility goals, read the most recent Impact Report here. Member FDIC.
Media Contacts
Erica Torres
Uproar PR for Climate First Bank
etorres@uproarpr.com
