EnerBank Announces a New Triple Option Loan for Rooftop Solar Projects

New loan product features an extended term, a no-payment period and
multiple re-amortizations, allowing homeowners the opportunity to apply
future cash receipts such as federal and local rebates, annual bonuses,
and tax credits or refunds to their loans and reduce their monthly
payments.

SALT LAKE CITY–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/contractors?src=hash" target="_blank"gt;#contractorslt;/agt;–EnerBank
USA®, the national 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.

“The Triple Option Loan gives tremendous flexibility for homeowners to
pay off the principal of their loans or to reduce their monthly
payments,” said Charlie Knadler, president and CEO of EnerBank. “Because
the loan is re-amortized several times, homeowners have an extended
period to apply bulk payments to the loan compared to other loan
options.”

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. “When contractors provide payment
options for home improvement projects, they can achieve higher close
rates, increase project size and grow their sales,” said Knadler. “Many
home improvement contractors have seen sales increases of 30 percent or
more. Offering payment options gives their customers more choices and
greater spending power to achieve their home improvement dreams.”

For more information about the new Triple Option Loan, or to learn more
about EnerBank, visit us at enerbank.com/contractors
today.

About EnerBank USA—America’s home improvement lender of choice

EnerBank is a highly specialized Member FDIC bank headquartered in Salt
Lake City that helps strategic business partners (i.e., home improvement
product manufacturers, distributors, franchise organizations, and trade
associations) and independent home improvement contractors increase
their sales. For over 15 years, EnerBank USA has helped home improvement
contractors grow their businesses and enabled homeowners to have the
home of their dreams. Through mobile, online and phone application
choices, homeowners get a credit decision in minutes, making for higher
close rates, and bigger jobs for contractors. Homeowners enjoy
Same-As-Cash loans and low interest, low monthly payment loans, while
contractors increase their sales. EnerBank USA is a fair housing lender
and makes loans without regard to race, color, religion, national
origin, sex, handicap, or familial status. Visit enerbank.com
for more information.

Contacts

Mark Fredrickson
SnappConner PR
mark@snappconner.com
801-806-0161