Palmetto Truth in Lending Act Disclosures

Loans will be provided by a third-party lender. No down payment is required. Here are examples for representative loans.

Loan Amount$15,828$24,376$29,760$39,576
Number of Monthly Loan Payments300300300300
Monthly Loan Payment: Months 1-17$71$110$134$178
RCEC Applied*
Loan Payment: Month 18* (RCEC plus regular monthly payment)$4,819$7,423$9,062$12,051
Monthly Loan Payment: Months 19-300$71$110$134$178
RCEC Not Applied
Loan Payment: Month 18$71$110$134$178
Monthly Loan Payment: Months 19-300$103$158$193$257

Calculations are based on a 25-year loan with a 5.99% APR. The actual loan amount, APR, number of monthly payments, and amount of monthly loan payments will depend upon the specific loan program that the borrower selects and qualifies for and the amount applied to reduce the principal in or prior to month 18. Current loan offerings range from 7 to 25-year terms with a 4.49% to 11.99% APR. Borrowers with lower credit scores and histories will not qualify for all loan programs and, if they do qualify, will be offered less favorable credit terms. Additional terms will apply.

*Calculations labeled “RCEC Applied” assume that both the borrower and the full value of the loan are eligible for the federal Residential Clean Energy Credit (RCEC) at the current rate of 30% and that the borrower applies the full value of the estimated RCEC credit toward their solar loan in or before month 18. The month 18 loan payment reflects the sum of the regular monthly payment plus the balloon payment amount, which is equal to the estimated 30% RCEC credit. If the borrower is eligible for the RCEC and applies the full value of their savings toward their solar loan within the first 18 months, their monthly payment will remain fixed for the life of the loan. If the borrower chooses not to apply their savings toward their solar loan or otherwise pay any balloon payment on or prior to month 18, their monthly payment will increase in month 19 to reflect the full principal of the loan. Any additional amounts paid prior to or concurrent with the month 18 payment will be applied to reduce the principal amount of the loan. Some borrowers may be ineligible for the RCEC or the RCEC may not apply to the full value of a borrower’s solar loan. To determine RCEC eligibility and value, please consult your own tax, legal, or accounting advisors. Palmetto does not provide tax, legal, or accounting advice.