MIDLAND, Mich.--(EON: Enhanced Online News)--Admirals Bank and Dow Solar, a business unit within The Dow Chemical Company (NYSE: DOW), announced a strategic relationship to provide renewable energy lending solutions for DOW POWERHOUSE™ Solar Shingles customers. Renewable energy lending provided by Admirals Bank allows homeowners to benefit from the advantages of direct solar ownership and receive applicable federal and state tax credits and benefits, which can significantly reduce the cost of solar systems.1
“Admirals Bank is excited to work with Dow Solar to support homeowners finance their POWERHOUSE installations”
“This new offering enables POWERHOUSE customers an easy, affordable way to go solar,” said Yochai Gafni, Dow Solar Marketing Director. “Homeowners can take advantage of energy savings and solar incentives without the high up-front costs, making them cash-flow positive on their investment much sooner. For the same price as a conventional roof, they can choose a roof that actually makes money for them.”
Made in the USA, and backed by a 20-year performance warranty, the DOW POWERHOUSE Solar Shingle is a dual-functioning system that is certified as both a roofing and solar product and built to withstand rain, hail and wind. It is a complete turnkey package that includes a custom-designed system for each home, the inverter to convert DC to usable AC electricity, the utility interconnection so that credit is obtained for the electricity generated, and a web-based monitoring system that provides real-time system performance. Unlike conventional roofing shingles, DOW POWERHOUSE Solar Shingles can add value to the home by enabling homeowners to have their roofs work for them as a renewable, clean energy source that will save money on electric bills.
Admirals Bank is a leading national provider of residential renewable energy financing and has created a line of innovative solar energy loans that are perfectly suited to assist homeowners procure DOW POWERHOUSE Solar Shingles. The loan programs designed by Admirals Bank allow homeowners to borrow up to $40,000 for residential Solar Shingles.2 Homeowners can also apply any rebates, tax credits or incentive monies they may receive to the principal balance of their loan within the first 24 months of the fund date. If a homeowner chooses this option he or she may then re-amortize their loan at no cost to reduce his or her monthly payments.3 The loan programs provided by Admirals Bank are non-equity based,4 and homeowners may receive the funds in as little as 12 days, prior to the Solar Shingles being installed.
“Admirals Bank is excited to work with Dow Solar to support homeowners finance their POWERHOUSE installations,” remarked Ed Steins, Vice President, Director of National Sales - Renewable Energy Lending at Admirals Bank. “Our lending program allows homeowners to maximize their electricity savings, to capture the full value of renewable energy tax credits and rebates, and to build equity in a home.5 Our team of solar financing experts is ready to educate POWERHOUSE customers and dealers on the merits of solar ownership. We are pleased to work with such an innovative group at Dow Solar to catalyze the adoption of clean energy across the U.S.”
A complete listing of Authorized POWERHOUSE Dealers and communities can be found at www.DowPowerhouse.com.
About Admirals Bank
Admirals Bank is a federally- chartered financial institution headquartered in Boston, MA with a Regional Banking Center in Providence, RI, and a Renewable Energy Lending Business Development Center in San Francisco, CA. Since 2012, Admirals Back has focused its home improvement lending efforts in the residential solar and renewable energy industry, opening Admirals Alternatives, the Renewable Energy Lending division of Admirals Bank in April 2013. Admirals Bank also remains a leading national provider of the Title I Home Improvement Loan for a variety of other home improvements. Admirals also offer customers additional borrowing solutions such as Residential Mortgages and Personal Loans. Additionally, Admirals Bank is an active acquirer of commercial real estate loans in the secondary market. Admirals introduced Bespoke Banking to the financial industry, Which is individually tailored, highly customized, relationship banking, and also provides customers with classic banking options such as checking, savings and money market accounts, which can be conveniently opened and maintained online or via a mobile device. Admirals Bank is an Equal Housing Lender and Member of FDIC. For more information, please visit www.admiralsbank.com.
About DOW POWERHOUSE™
The DOW POWERHOUSE™ Solar Shingle is a first-of-its kind solar roofing product, developed to combine the benefits of solar technology with the durability and performance of traditional roofing materials. It is designed to install, look and function in a way that has never been done before. POWERHOUSE is reinventing the roof with a new generation of homeowners looking for a smart, renewable way to power their homes without compromising the home’s aesthetics. Building Integrated Photovoltaic (BIPV) products from Dow Solar are one of the many innovations from Dow establishing the Company on the forefront of alternative energy solutions and expanding Dow's commitment to using chemistry to solve the world’s energy challenges. The DOW POWERHOUSE Solar Shingle was recently honored as a recipient of a 2012 Breakthrough Award by Popular Mechanics and a 2012 Gold Edison Award for Best New Product. In 2009 it was named one of the Best Inventions by Time magazine. More information about DOW POWERHOUSE can be found at www.DowPowerhouse.com. Homeowners and building professionals can also follow DOW POWERHOUSE on Facebook, Twitter, Pinterest or via YouTube.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world’s most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow’s diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2012, Dow had annual sales of approximately $57 billion and employed approximately 54,000 people worldwide. The Company’s more than 5,000 products are manufactured at 188 sites in 36 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
1 The content on this page should not be relied upon as tax or legal advice. Please consult your lawyer or tax advisor regarding residential renewable energy tax credits.
2 All loans require a completed application and are subject to credit approval.
3 Must be a project that qualifies for federal and/or government rebates or incentives.
4 Lien will be placed against the property. Lien will be in first or second position.
5 Admirals Bank does not guarantee that a homeowner’s monthly loan payment will be less than the savings on his or her monthly energy bill. Admirals Bank does not guarantee enhanced equity value in the home.
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