Innovative financing tool, ‘SolarFlex’ will deliver substantial savings for customers
(Portland, Ore.)— Enhabit (formerly Clean Energy Works) announced a new program today that offers low-interest, long-term financing to Oregon homeowners installing solar panels. In collaboration with Enhabit’s partner lender Pacific Continental Bank, SolarFlex provides homeowners with low-interest financing for 18 months to pay for the upfront costs of solar energy systems. The 18-month low-interest period gives homeowners time to take advantage of tax credits and incentives before the loan converts to a traditional adjustable rate with a 15-year term.
According to SolarOregon, current state and federal tax credits and incentives pay for 70 to 85 percent of installing and owning residential solar energy systems, meaning a $20,000 system could cost homeowners as little as $3,000 after tax credits and incentive are applied.
“There has never been a better time for homeowners to invest in clean energy generated from the sun,” said Tim Miller, Enhabit CEO. “Panels are more efficient at generating energy; the cost of residential solar systems is down 45 percent over four years and Enhabit’s local, certified contractors deliver a quality ‘made-in-Oregon’ product to homeowners.”
Residential solar systems typically last 25 to 30 years, and many early solar energy systems installed on homes in the 1970’s are still operating today, meaning homeowners with solar systems will be able to produce a significant portion of their home’s energy use on sunny days for decades.
“SolarFlex financing, offered through Pacific Continental Bank* gives homeowners access to 18 months of low-rate financing to pay the initial upfront costs of a solar system, allowing time for tax credits and incentive payments to be applied to the loan,” says Mark Stevenson, Executive Vice President and Chief Nonprofit & Sustainability Officer at Pacific Continental Bank. “After 18 months, and after all incentives and credits have applied to the loan balance, the loan converts to an adjustable rate, 15-year term loan that is fully amortized,” he added. “Pacific Continental is excited to offer this attractive loan arrangement to help more and more Oregonians take advantage of solar energy.”
In addition to the new financing program, Enhabit announced a partnership with solar installation company Sunbridge Solar – serving customers in Portland, Oregon and Vancouver, Washington. Enhabit recently announced similar partnerships with True South Solar in the Rogue Valley, giving the non-profit the ability to install solar energy systems on homes across the state.
“A rooftop revolution is well underway in Oregon,” said Jordan Weisman, owner of Sunbridge Solar. “We are thrilled to partner with Enhabit to bring solar energy to more homes, helping people generate their own energy, protect the environment and lower energy costs.”
Enhabit offers a unique “one-stop shop” for home upgrades, making it easier for homeowners to complete energy efficiency and solar energy upgrades. The organization helps homes work and feel better, while providing customers with everything needed to complete upgrades, including rebates, skilled contractors and no-money-down financing.
Homeowners begin by scheduling an in-home assessment through Enhabit to uncover all the opportunities to improve a home’s performance. To begin, visit www.Enhabit.org/Get-Started.
*Pacific Continental Bank is an Equal Housing Lender. All loans subject to credit approval. Consumers should refer to a tax professional for potential tax advantages.
Enhabit (formerly Clean Energy Works) is a non-profit organization headquartered in Portland, Ore. that’s focused on building more resilient communities. Enhabit is the next step for homeowners who want to make their homes work and feel better. From the initial review of the home, to choosing a trusted contractor and financing to make the right efficiency, health and safety upgrades affordable, Enhabit is committed to high-performance home renewal that makes sense.
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