Atmos solar loans are designed to give customers the full benefit of the ITC for the first 18 months of their solar loan. This 18-month period is measured from Loan Start Date and includes the time of installation through an initial 6-month no-payment period.
Please note: Atmos is not a tax consultant and does not provide tax advice. To understand the implications of the ITC for your situation, please consult a tax advisor or perform the necessary research.
Atmos solar loans accrue 0% interest on the estimated amount of the ITC (30% of the Financed Amount) during the first 18 months of the loan. This unique benefit provides an interest-free loan for the amount of the federal ITC, limited by the amount of time most homeowners can monetize the benefit of the tax credit, i.e. file and pay personal income taxes in the first year following installation. Following the first 18 months of the loan, any outstanding principal balance is re-amortized over the remaining duration of the loan term that was initially selected by the customer.
- If a customer chooses not to prepay its solar loan in the amount of the ITC before the 18th month from the Loan Start Date, the customer’s monthly loan payment will increase.
- If a customer chooses to prepay its solar loan in the amount of the ITC before the 18th month from the Loan Start Date, the customer’s monthly loan payment will be approximately the same.
- If a customer chooses to prepay an amount greater than the ITC before the 18th month from the Loan Start Date, the customer’s monthly loan payment will decrease.
Following the first 18 months of your solar loan, Atmos provides fee-free, every-time re-amortizations with principal prepayments of $500 or more. This feature of Atmos loans allows customers to incorporate future tax periods to fully realize the benefit of the ITC if your tax liability is not enough in your first year. This feature is also useful for homeowners wishing to periodically prepay their loan to better manage their monthly energy costs.
To get more information regarding your ability to re-amortize your loan, please contact firstname.lastname@example.org.