Maximize Savings With Sungage’s Unlimited Free Re-Amortizations

How Free, Unlimited Re-Amortizations Can Save Homeowners Money

Unlike other solar financing companies or PPAs and leases, Sungage offers unlimited, free re-amortizations after the Deferred Payment Portion (DPP) of the loan is due. By making a loan payment of at least $2,500, homeowners can re-amortize their loan with Sungage’s lending partner and loan servicer, NBT Bank,* for free. They can also make as many prepayments as they wish without any penalty.

With Sungage’s re-amortization feature, borrowers have the flexibility to lower their monthly payment amount or even achieve early payoff without penalty by making higher payments than required. Re-amortization will not impact the interest rate. While traditional refinancing may carry extra fees and costs, re-amortizations at Sungage never involve any hidden costs.

The Key Benefits of $2,500+ Re-Amortizations at Sungage

  • Lower payment amounts: The monthly payment amount for the remainder of the term decreases, so payments can become more manageable.
  • Greater savings: The amount of interest paid over the life of the loan decreases, resulting in increased overall savings.
  • More control: An unlimited number of re-amortizations are permitted after the DPP is due without adding any cost.
  • No unpleasant surprises: Potentially achieve early payoff of the loan with no prepayment penalties.

How It Works

The Sungage loan is divided into two parts: the Monthly Payment Portion and the Deferred Payment Portion (DPP). The Deferred Payment Portion includes the potential Federal Tax Credit (ITC) percentage (currently 30%) and local incentive programs in states where they may exist. Customers may want to pay off their loans early.

Borrowers can choose whichever prepayment option is right for them. When you make the prepayment affects the impact on your loan.

1. Before Deferred Payment Portion (DPP) Is Due

Prepayment before the DPP is due will go toward the Monthly Payment Portion of the loan and will reduce the interest paid over the term of the loan.

For example: On a $50,000, 25-year loan with a 9.74% APR, paying $100 extra per month for the first year before the DPP is due may reduce interest paid over the term of the loan by almost 2.5%.**

2. After Deferred Payment Portion (DPP) Is Paid

This is the stage of the loan cycle during which free, unlimited re-amortizations can occur.

  • Prepayments with a lump sum payment of $2,500 or more will qualify borrowers for re-amortization. After coordinating the transaction with Sungage’s funding partner, NBT Bank, borrowers have the option to re-amortize to lower their monthly payment or maintain their monthly payment amount and potentially achieve an early payoff.

Prepayments below $2,500 can be helpful toward achieving an early loan payoff but will not change the required monthly payment amount.

3. If the Deferred Payment Portion (DPP) Is Not Paid in Full

If the DPP is not paid by its maturity date, the required monthly payment amount will increase, and any extra payments will first go toward paying down the DPP.

Flexibility Is Key 🔑

From the application process to the approval to prepayment of the loan, Sungage financing is flexible. When borrowers are ready to start paying their loan back, they have a range of helpful prepayment options to pay their loan down faster.

Reach out to us directly with any questions about specific prepayment options!

*Loans issued and serviced by NBT Bank.

**Examples are illustrative and based on a $50,000, 25-year Sungage Advantage loan with a 9.74% APR; re-amortization and prepayment scenarios will vary by borrower depending on loan term and APR selected.