Fintech OneEthos and open-API solar platform Enerflo are partnering with Climate First Bank to integrate their services together in a seamless platform.
Through the partnership, users can offer homeowners solar financing without dealer fees or prepayment penalties through a 30.5-year loan. For example, a homeowner with a $80,000 loan and 8% APR would pay $596.96 per month over 30.5 years.
(See also: What to expect in a residential solar loan)
The partnership integrates the financing process directly into Enerflo’s sales platform, enabling users to provide homeowners with real-time loan decisions. According to Enerflo, most homeowners using its platform receive almost immediate loan decisions.
The loan product comes with no dealer fees, meaning no there are no unexpected upfront costs. Climate First Bank said dealer fees are often imposed on solar loans as a way to advertise low or even 0% interest rates, but often these fees can be as high as 25% of the system costs. According to OneEthos, dealer fees can add up to 30% to the cost of solar.
(See also: With great (solar) power comes great responsibility)
A Certified B Corporation, OneEthos said it is one of the only fintechs that specialize in climate finance in the United States and is regulated by the Federal Reserve Bank. A Certified B Corporation is a for-profit corporation that is certified for meeting a high standard of verified performance, accountability and transparency on certain factors, such as its supply chain practices, input materials, employee benefits and charitable giving.
An FDIC-insured climate-change focused community bank, Climate First Bank began seeking partnerships with residential and commercial installers after launching its residential solar loan platform in 2022.
Beyond the technology, the partnership will also include community outreach and education initiatives to drive awareness about sustainable energy solutions and their role in fighting the climate crisis.
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