Luminalt, San Francisco’s largest locally owned and operated solar installer, and Admirals Bank, the nation’s top home improvement lender of federally insured Title 1 loans, are partnering to help more homeowners in the San Francisco Bay Area enjoy the benefits of owning a solar system.
“Like owning your home, owning your solar system is a smart investment,” said Jeanine Cotter, Co-Founder and CEO of Luminalt. “By partnering with Admirals Bank, Luminalt is able to provide another great way for our clients to get all of the benefits of ownership with zero money down.”
“Most residential solar financing offered today allocates the benefits of ownership to a third party investor, not the homeowner. With a lease or a PPA, an outside investor owns the solar on your rooftop. That third party investor benefits from the tax credit and can impose onerous contractual requirements to ensure the investor receives the return on investment it requires.” says Cotter.
“Residential solar leases have been around for less than a decade. Homeowners have been using the type of loan Admirals Bank is offering in partnership with Luminalt since the 1930’s. These loans were started by the Roosevelt Administration after the Depression, when homeowners had little equity in their homes, but needed funds to make home improvements” explains John Saviano, Relationship Manager at Admirals Bank. “Our program gives homeowners the flexibility to also upgrade the electrical system of the home or reroof, improvements some homeowners should make at the time they go solar, improvements most residential solar financing will not allow.”
“Having a solar system on your home increases its value without raising your property taxes and reduces the cost to operate your home” said Cotter. “We love that this is such an honest, transparent financing option that has no payment escalators, hidden fees, or unpleasant surprises.”
“Partnering with Admirals Bank is an exciting opportunity. Together, we can build more clean energy systems and lower energy costs for homeowners,” said Cotter.
For more information, please contact us or call (415) 697-1547.
About Luminalt
Luminalt makes it easy for homeowners and businesses to save money by switching to clean solar energy. Locally owned and operated, Luminalt has installed more solar systems in San Francisco than any other company. It does solar differently ensuring accountability to its customers by not outsourcing the installation or other work to outside companies. Certified as a Woman Business Enterprise (WBE), Luminalt is the only woman-owned and lead solar company where a woman holds the solar contractor license. To learn more, visit www.luminalt.com.
About Admirals Bank
Admirals Bank is a Federally-chartered, privately-held bank with Corporate Headquarters in Boston, MA, its Regional Banking Center in Providence, RI, and its Renewable Energy Lending Business Development Center in San Francisco, CA. With lending capacity in all 50 states, the Bank is the largest Title 1 Home Improvement Lender and servicer in the United States; specializing in a Renewable Energy Lending business called Admirals Alternatives.