Based on state experience, the ideal renewable energy loan program will have the following attributes:
1. Low interest rates. State clean energy loan programs generally offer interest rates below those of commercial lenders, offsetting the “risk premium” that lenders may attach to renewable energy projects.
2. Longer Amortization. State programs are generally more willing to lengthen repayment terms reflecting the long useful lives of the technologies (10 years or more).
3. Low hassle and administrative fees. Applications, paperwork,
and fees are usually kept to a minimum, with quick loan approval, especially for smaller loans.
4. Unsecured Loans. State loan programs generally do not impose debt service coverage requirements or liens on property (other than the asset being financed).
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