Climate First Bank Lowers Solar Loan Rates to Enhance Accessibility to Sustainable Living Solutions

Climate First Bank, the world’s first FDIC-insured community bank established to combat the climate crisis, has introduced an enhanced version of its Residential Solar Loan product, featuring a groundbreaking 30-year term with an interest rate of 7.83% and a 7.99% APR*. This innovative move marks the first instance of a financial institution reducing its solar loan rates while extending the loan term, reaffirming the bank’s dedication to fostering accessible sustainable finance solutions.

Furthermore, clients who opt for auto-pay enrollment will enjoy a 0.25% discount on the new Residential Solar Loan product, resulting in a reduced rate of 7.58% with a 7.73% APR**.

Since the inception of Climate First Bank’s solar loan program, the institution has maintained a commitment to transparency and affordability by abstaining from charging dealer fees, which typically inflate loan costs by an average of 35%. Additionally, the bank does not impose prepayment penalties, further enhancing affordability and flexibility for borrowers.

In 2023 alone, Climate First Bank facilitated $35 million in solar loans for businesses and $83 million in solar loans for individuals, representing substantial year-over-year increases of 472% and 367%, respectively. These remarkable growth figures underscore not only the bank’s expansion but also a burgeoning demand among Americans for sustainable living solutions.

Ken LaRoe, CEO and Founder of Climate First Bank, reiterated the institution’s mission of “financing for good” and emphasized the importance of protecting the environment through specialized loan options for sustainable initiatives like rooftop solar, regenerative building retrofits, and EV charging infrastructure. LaRoe expressed the bank’s commitment to ensuring the lowest monthly payments for clients, making sustainable lifestyle changes more attainable.

Jeff Cowherd, Solar Loan Officer at Climate First Bank, highlighted the collaborative efforts with reliable solar installers across Florida to facilitate customer access to sustainable living solutions. In addition to aiding carbon drawdown and promoting sustainable practices, Climate First Bank’s solar loans offer customers various incentives such as federal and state tax credits, solar rebates, and tax exemptions.

As a values-based, community-driven institution, Climate First Bank remains dedicated to positive impact by enabling customers to embrace sustainable lifestyles while ensuring that their transactions contribute to financing renewable energy initiatives rather than fossil fuels. The bank’s Digital Consumer Solar Lending Platform further enhances accessibility to solar energy, reinforcing its commitment to expanding access to clean energy solutions. In contrast to other banks that may reject customers seeking solar loans, Climate First Bank is committed to inclusivity and expanding access to sustainable financing options.