Loan Purpose

  • Purchase and installation of a qualified system from a participating contractor
  • Applicable manufacturer's sales tax and extended manufacturer's warranty on the system
  • Roof repairs and electrical retrofits necessary for the system installation

Qualified Residential Clean Energy System

  • Photovoltaic (PV) system
  • Solar water heater system
  • Solar PV water heating system
  • Solar air-conditioning (A/C) system
  • Battery back up/storage system

 

ASB disburses to contractor based on a 50/50 schedule (50% 90 days after initial disbursement)

 

* The Clean Energy Loan (loan program) is subject to borrower qualification and underwriting guidelines. The initial APR is 0.00% for the 24-month initial period followed by a fixed term and rate for 96 months. Loan program is subject to change or cancellation without notice. Loan terms, interest rate and APR (annual percentage rate) for qualified borrower(s) will be based on borrower credit worthiness. Loan proceeds are disbursed to the participating contractor based on 50/50 schedule; 50% of the loan amount is disbursed to the contractor at loan closing and the remaining 50% after 90 days or at customer's discretion, whichever occurs first. Based on a loan amount of $25,000, there are no monthly payments ($0.00) during the 6-month initial period followed by monthly principal-only payments from $125.00 to $115.00 which is equal to 0.50% of the loan amount in month 7 to 24 (remaining months in the initial period). Then, 84 months of fixed principal and interest payments of $355.00 (based on a fixed interest rate of 7.99% APR). The interest rate used in the example is as of 4/1/2018. Please refer to the current Loan Rate sheet or call us for current rates. Available only for financing the purchase, installation, and other eligible costs associated with the purchase/installation of a qualified residential clean energy system from a participating contractor. Qualified systems are residential photovoltaic (PV), solar water heater, solar PV water heating systems, solar air conditioning, and battery backup/storage systems.

American Savings Bank (ASB) does not perform due diligence or does not make representations or warranties on third party, participating or non-participating contractors, and qualified residential clean energy systems. Borrower should take reasonable steps to review third parties and systems.