Secured Solar Loan
The Details:

• Maximum loan amount of $75,000

• Loan will be secured by a mortgage on the Borrower’s primary or second home within the Bank’s lending market area

• System must be installed on the property securing the loan 

• Subject property must be a 1-4 family residential property

• Condos, cooperatives, titles held in LLCs or Irrevocable Trusts, and rental properties do not qualify

• Repayment term of 15 years*

• Borrower must provide a copy of their accepted contract/agreement for the installation of a roof mounted or ground solar energy system with a licensed installer at the time of application

• Funds will be fully disbursed in the form of two checks once any right of rescission has elapsed. Each check issued will be for 50% of the loan amount, one check will be payable to the Borrower(s) and the Solar Installer and the second check will be payable to the Borrower(s) directly.

Fixed Annual Percentage Rate (APR) currently 3.25% as of January 1, 2022.

*A $75,000 solar loan with a loan term of 15 years at an Annual Percentage Rate (APR) of 3.25% will result in 180 monthly payments of $527.00.

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Unsecured Solar Loan 
The Details:

• Maximum loan amount of $35,000

• Repayment term of 10 years

  • 1 year interest only
  • 9 years fully amortized payment
     

• Property must be Primary or Secondary residence

• System must be installed on the property securing the loan

• Credit decisions subject to the Bank's current consumer loan underwriting guidelines, including documented income verification

• Approved requests must close within 30 days or less of the application date

• All closings will be in person at a Cape Cod 5 Banking Center

• Auto-pay discount of 0.50% from a Cape Cod 5 deposit account

• Unsecured

• A check for 33% of the loan balance will be issued payable to the Borrower(s) and the Solar Installer on the day the loan closes. A second check for 33% of the loan balance will be issued to the Borrower(s) and the Solar Installer after the installation is complete (documentation showing panel installation must be provided to the Bank prior to disbursement). The final 34% of the loan proceeds will be issued payable to the Borrower(s) and the Solar Installer when the system is operating (interconnect form must be provided to the Bank prior to disbursement).

Fixed Annual Percentage Rate (APR) is 3.75%* as of January 1, 2022 with auto-pay from a Cape Cod 5 deposit account.

*A $35,000 solar loan during the 9 year principal and interest period at an Annual Percentage Rate (APR) of 3.75% (with auto-pay discount of 0.50% from a Cape Cod 5 deposit account) will result in 108 monthly payments of $382.33. The APR without the auto-pay discount is 4.25%. A $35,000 solar loan during the 9 year principal and interest period at an APR of 4.25% will result in 108 monthly payments of $390.56.

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