Your monthly loan payment amount in months 1-18 is based on the assumption that you are eligible for the full Residential Clean Energy Credit and apply the full value of the tax credit (equal to approximately 30% of your total loan amount) toward your loan in the first 18 months of payments, resulting in a fixed monthly payment for the remainder of the life of the loan. The costs and savings estimates provided herein are based on this assumption as well.

This means in months 1-18, you can also apply any credit from state and local incentives or any surplus cash you have on hand to further reduce your monthly loan payment. Making such prepayments is optional.

At month 19 your loan will automatically be re-amortized and your monthly loan payment will be adjusted in a manner to fully repay the loan by its maturity date. Your monthly loan payment for the remainder of the loan will be adjusted based on the remaining principal at that time. If you pay more than approximately 30% of your total loan amount, your monthly payments will be adjusted to a lower amount. In order to avoid an increase in your monthly payment, you must make one or more voluntary prepayments equal to approximately 30% of your total loan amount within 18 months following your loan start date.

Please contact your lender to discuss any prepayment, downpayment, or re-amortization options.