Canadian Solar Inc., launched the Canadian Solar Residential Financing Program on October 7th, which targets the fast growing U.S. residential solar market. The new program is designed to make it even easier for residential solar installers and developers to bring more solar projects to completion in the U.S. market. The program is being launched in partnership with Boston, MA based, privately held Admirals Bank.
"We believe there is a great opportunity to leverage our scale to help customers in the U.S. residential market to more easily gain access to necessary financing at attractive rates," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "We have a very qualified partner in Admirals Bank, as we work to streamline the process for both residential customers and installers. This latest program will further build on Canadian Solar's global leadership in renewable energy as we continue to deliver high-value, high-quality solar energy solutions."
The Canadian Solar Residential Financing Program powered by Admirals Bank delivers great value to residential solar installers. By working with Canadian Solar to access the Admirals Bank financing solution and source high quality solar modules, customers will be able to reduce project complexity and streamline procurement and financing activities. There are no fees to installers, no constraints on system design, and customers have ability to borrow up to $40,000 for a residential solar installation subject to credit approval. Installers will be able to receive payment quicker because the loans are funded directly to the homeowner before the work begins. Additionally, the Canadian Solar Residential Financing Program gives customers access to a powerful "Step Down" feature, which allows customers to monetize the solar tax credits, rebates and other incentives associated with ownership of their system. They can then pay that amount into the principal balance, and then re-amortize the loan, which can potentially dramatically reduce their remaining monthly mortgage payments.
"Our program provides homeowners with an easy way to finance solar installations that lower energy bills and allows them to reap the benefits of ownership through tax credits, rebates, and other incentives. We have developed a turnkey solution for homeowners to obtain financing by creating a suite of user friendly web-based tools, streamlining back end operations, putting an emphasis on customer service and educating homeowners on the advantages of direct ownership. Our division includes a dedicated team of solar finance experts ranging from experienced loan servicing professionals to frontline individuals on hand to educate installers and consumers and answer any questions they may have. We are excited to partner with Canadian Solar, an innovative global leader, as we work together to facilitate the adoption of clean energy and reduce the cost of power for homeowners across the United States," said Nicholas P. Lazares, Vice President and Director of Strategic Partnerships at Admirals Alternatives, a division of Admirals Bank.