Looking to finance your solar panel installation with an EnerBank solar loan? You’re not alone—thousands of homeowners have used EnerBank (now part of Regions Bank) to fund their renewable energy projects. However, with a 1.2-star rating on Trustpilot and numerous customer complaints, it’s crucial to understand what you’re getting into before signing on the dotted line.
This comprehensive guide covers everything you need to know about EnerBank solar loans in 2025, including current rates, real customer experiences, and better financing alternatives that could save you thousands of dollars.
Key Takeaways
- EnerBank USA transitioned to Regions Bank in October 2021, but loan products remain largely the same
- Offers 5 main solar loan products with rates from 1.99% to 6.99% APR
- Customer reviews reveal significant issues with payment portals and customer service
- Dealer fees can add up to 30% to your total loan cost
- Better alternatives like home equity loans often provide lower total costs
What is EnerBank USA (Now Regions Bank)?
EnerBank USA was founded in 2002 as a specialized home improvement lender based in Salt Lake City, Utah. The company built its reputation by focusing exclusively on contractor-offered financing for home improvement projects, including solar panel installations.
EnerBank’s Transition to Regions Bank in 2021
In October 2021, EnerBank USA was acquired by Regions Bank, a larger regional financial institution. While the EnerBank brand is being phased out, the loan products and services remain largely unchanged. Existing customers now make payments through Regions Bank’s system, though the transition has caused some confusion and additional customer service issues.
Important Note: If you have an existing EnerBank loan, you’ll need to use specific payment portals based on your account number. Accounts starting with “456” use one portal, while all other account numbers use a different system.
Why Solar Financing Matters for Homeowners
Typical solar installation costs range between $20,552 and $30,000 for an average home system. With the federal solar tax credit providing a 30% rebate (through 2032), though proposed legislation could eliminate this credit by the end of 2025 , financing allows homeowners to:
- Install solar panels with little to no money down
- Start saving on electricity bills immediately
- Take advantage of tax credits and incentives
- Spread the cost over 10-25 years
EnerBank Solar Loan Products Breakdown
EnerBank offers five main solar financing products, each designed for different financial situations and preferences. Understanding these options is crucial for making an informed decision.
1. Same-As-Cash Loan (12-24 months, 0% interest)
This short-term option offers 0% interest for 12-24 months, making it ideal for homeowners who can pay off the loan quickly using their solar tax credit and savings.
- Interest Rate: 0% during promotional period
- Term: 12-24 months
- Best For: Homeowners with available cash or expecting large tax refunds
- Warning: If not paid in full by the end of the promotional period, all deferred interest becomes due
2. Reduced Interest Loan (1.99%-6.99% APR)
A traditional fixed-rate loan with competitive interest rates for qualified borrowers.
- Interest Rate: 1.99% – 6.99% APR (based on creditworthiness)
- Term: 12-20 years
- Loan Amount: $1,000 – $65,000
- Best For: Borrowers seeking predictable monthly payments
3. Power Loan (Re-amortizing, Tax Credit Optimized)
EnerBank’s most popular solar loan product, specifically designed to work with the federal solar tax credit through re-amortization.
- Interest Rate: 1.99% – 5.99% APR
- Term: 12-20 years
- Special Feature: Payments recalculate after you apply tax credit to principal
- How it Works: Make higher payments for 12-18 months, then use tax credit to reduce principal and lower monthly payments
4. Triple Option Loan (Multiple Re-amortizations)
The most complex option, featuring multiple re-amortization opportunities over the first few years.
- Interest Rate: 4.99% – 5.99% APR
- Term: 12-20 years
- No-Payment Period: 12-18 months initially
- Re-amortizations: Three separate opportunities to reduce payments
- Best For: Homeowners expecting multiple large payments (tax credits, bonuses, etc.)
5. Combo EZ Loan (Hybrid Structure)
Combines elements of Same-As-Cash and traditional financing for maximum flexibility.
- Structure: Portion at 0% interest, portion at fixed rate
- Benefit: Use tax credit to pay off 0% portion, continue payments on remainder
- Complexity: More complicated than other options but offers flexibility
How EnerBank Solar Loans Work
Application Process (Same-Day Approval)
EnerBank’s application process is designed for speed and convenience:
- Contractor Consultation: Your solar installer presents financing options during the initial consultation
- Online Application: Complete the application on-site using a tablet or smartphone
- Instant Decision: Receive approval or denial within minutes in most cases
- Documentation: Provide income verification and basic personal information
- Funding: Contractor receives payment within 24-48 hours of project completion
Contractor-Only Availability
Important Limitation: You cannot apply for an EnerBank solar loan directly. These loans are only available through approved contractors, which limits your options and may result in higher costs due to dealer fees.
Re-amortization Explained
Re-amortization is a key feature of many EnerBank solar loans. Here’s how it works:
- You make higher monthly payments initially (typically for 12-18 months)
- When you receive your solar tax credit, you apply it to the loan principal
- The loan “re-amortizes” – your remaining payments are recalculated based on the lower balance
- Your monthly payments decrease for the remainder of the loan term
Example: On a $25,000 loan, you might pay $300/month initially. After applying a $7,500 tax credit, your payments might drop to $180/month for the remaining term.
EnerBank Solar Loan Rates & Terms (2025)
Current Interest Rates by Loan Type
| Loan Type | Interest Rate | Term Options | Loan Amount |
|---|---|---|---|
| Same-As-Cash | 0% (promotional) | 12-24 months | $1,000 – $65,000 |
| Reduced Interest | 1.99% – 6.99% APR | 12-20 years | $1,000 – $65,000 |
| Power Loan | 1.99% – 5.99% APR | 12-20 years | $15,000 – $65,000 |
| Triple Option | 4.99% – 5.99% APR | 12-20 years | $15,000 – $65,000 |
| Combo EZ | Varies | 12-20 years | $15,000 – $65,000 |
APR vs. Interest Rate: The Hidden Truth
EnerBank advertises attractive interest rates, but the Annual Percentage Rate (APR) tells the real story. The APR includes:
- Base interest rate
- Dealer fees (often 20-30% of loan amount)
- Origination fees
- Other loan costs
Critical Warning: A loan advertised at 2.99% interest might have an APR of 8-12% when dealer fees are included.
Dealer Fees and Hidden Costs
Dealer fees are EnerBank’s most controversial feature. These fees:
- Can range from 15% to 30% of the total loan amount
- Are often hidden in the “financed price” vs. “cash price”
- Allow EnerBank to offer artificially low interest rates
- Significantly increase your total cost of financing
Example: On a $25,000 solar system with a 25% dealer fee, you’re actually financing $31,250, even though you only received $25,000 in value.
Qualification Requirements
To qualify for an EnerBank solar loan, you typically need:
- Credit Score: Minimum 640 (higher scores get better rates)
- Income Verification: Proof of stable income
- Debt-to-Income Ratio: Generally below 45%
- Property Ownership: Must own the home where solar is being installed
- Project Value: Minimum loan amount of $1,000
Real Customer Reviews & Experiences
Trustpilot Analysis (1.2/5 Stars, 31 Reviews)
EnerBank’s Trustpilot rating paints a concerning picture:
- Overall Rating: 1.2 out of 5 stars
- Total Reviews: 31 (as of 2025)
- 1-Star Reviews: 94% of all reviews
- 5-Star Reviews: Only 3% of all reviews
Common Complaints: Payment Portal Issues
The most frequent complaint involves EnerBank’s online payment system:
“The website they provide on my confirmation email simply doesn’t work. I had to call customer service to be directed through a number of different sites to find a link buried where I can see my account details.” – Adam Harris, May 2025
Customers report:
- Passwords never working correctly
- Temporary passwords taking hours or days to arrive
- Multiple payment portals causing confusion
- Inability to see accurate account balances
Customer Service Horror Stories
Multiple reviews highlight poor customer service:
“Customer service is terrible. These people make it almost impossible to pay them off correctly so they can charge you interest daily. They are loan sharks and should be shut down.” – Craig, December 2023
Common service issues include:
- Long hold times (often 30+ minutes)
- Inability to speak with supervisors
- Incorrect payment processing
- Difficulty obtaining payoff amounts
- Problems with loan transfers
Interest Calculation Disputes
Many customers report confusion and disputes over interest calculations:
“I have a balance of $40,000 pool loan since September of 2021 with a 5.99% interest rate. I do not understand how an average of $195 goes to interest and $95 goes to the principle. I still owe $38,150 and I have been paying this for 2.5 years now.” – J T, March 2024
Positive Experiences: Fast Approval Process
Despite the negative reviews, some customers appreciate EnerBank’s speed:
- Same-day approval for most applications
- Quick funding to contractors
- Integration with contractor sales process
- No down payment options available
Reddit Discussions and Fraud Concerns
A concerning Reddit post from 2024 highlighted potential fraud issues, where a homeowner discovered a $120,000 EnerBank solar loan on a property they were purchasing. The average solar installation costs $25,000-$30,000, raising questions about loan oversight and contractor fraud prevention.
Pros and Cons Analysis
Advantages of EnerBank Solar Loans
- Same-Day Approval: Fast decision-making process
- No Down Payment Options: Start solar installation immediately
- Tax Credit Optimization: Re-amortization features designed for solar incentives
- Contractor Integration: Seamless process with approved installers
- Variety of Products: Multiple loan structures to fit different needs
- High Loan Amounts: Up to $65,000 available
Disadvantages of EnerBank Solar Loans
- Poor Customer Service: Consistently negative reviews about support quality
- Payment Portal Problems: Ongoing technical issues with online payments
- High Dealer Fees: Can add 15-30% to total loan cost
- Contractor-Only Access: Cannot apply directly, limiting options
- Complex Terms: Re-amortization and combo loans can be confusing
- Interest Calculation Issues: Disputes over how payments are applied
- Limited Transparency: Dealer fees often hidden in pricing
Who Should Consider EnerBank Loans
EnerBank solar loans might work for you if:
- Your contractor only offers EnerBank financing
- You need same-day approval for your project
- You’re comfortable managing complex loan terms
- You can pay off the loan quickly (Same-As-Cash option)
- You don’t mind dealing with potential customer service issues
Who Should Avoid EnerBank Loans
Consider alternatives if you:
- Want transparent, straightforward loan terms
- Prefer excellent customer service
- Need reliable online payment systems
- Want to minimize total financing costs
- Prefer dealing directly with lenders
- Have access to better financing options
EnerBank vs. Competitors Comparison
| Lender | Interest Rates | Loan Terms | Max Loan Amount | Dealer Fees | Customer Rating |
|---|---|---|---|---|---|
| EnerBank (Regions) | 1.99% – 6.99% | 12-25 years | $65,000 | 15-30% | 1.2/5 (Trustpilot) |
| Sunlight Financial | 2.99% – 7.99% | 10-25 years | $100,000 | 10-20% | 3.2/5 (Trustpilot) |
| GreenSky | 3.99% – 12.99% | 12-25 years | $65,000 | 5-15% | 1.6/5 (Trustpilot) |
| Mosaic | 2.99% – 8.99% | 10-25 years | $100,000 | 0-10% | 2.8/5 (Trustpilot) |
| Dividend Finance | 2.99% – 7.99% | 10-25 years | $100,000 | 0-15% | 3.5/5 (Trustpilot) |
Key Takeaways from Comparison
- EnerBank’s advertised rates are competitive, but dealer fees make them expensive
- Customer satisfaction is significantly lower than most competitors
- Other lenders offer higher loan amounts and better terms
- Mosaic and Dividend Finance have lower or no dealer fees
Better Solar Loan Alternatives
Before committing to EnerBank financing, homeowners should explore comprehensive solar financing options that may offer better terms and customer service.
Home Equity Loans and HELOCs
For many homeowners, home equity loans offer more cost-effective financing than specialized solar loans.
Home Equity Loan Benefits:
- Lower interest rates (typically 6-8% in 2025)
- Tax-deductible interest for home improvements
- No dealer fees
- Predictable monthly payments
- Direct relationship with lender
HELOC Benefits:
- Only pay interest on amount used
- Flexibility to draw funds as needed
- Often lower rates than personal loans
- Tax-deductible interest
Considerations: Your home serves as collateral, so there’s risk if you can’t make payments.
Personal Loans from Banks/Credit unions
Traditional personal loans often provide better terms:
- Interest Rates: 5-12% for qualified borrowers
- No Dealer Fees: Transparent pricing
- Direct Lender Relationship: Better customer service
- Flexible Use: Can shop around for best solar installer
- Online Management: Reliable payment portals
Other Specialized Solar Lenders
Sunlight Financial:
- Better customer service than EnerBank
- Lower dealer fees
- More transparent terms
Mosaic:
- No dealer fees on many products
- Direct-to-consumer options
- Better technology platform
Dividend Finance:
- Excellent customer service
- Competitive rates
- Transparent pricing
Cash Purchase vs. Financing Analysis
If you have the cash available, paying upfront provides:
- Maximum Savings: No interest or fees
- Immediate ROI: Start saving from day one
- Simplicity: No monthly payments or loan management
- Full Tax Credit: Keep the entire 30% federal credit
Financing Makes Sense When:
- You can invest cash at higher returns than loan interest
- You need to preserve cash for emergencies
- The monthly payment is less than your electricity savings
How to Apply for EnerBank Solar Loan
Step-by-Step Application Process
- Find an Approved Contractor: EnerBank only works with pre-approved solar installers
- Get Solar Quotes: Compare multiple contractors and their financing options
- Choose Your Loan Product: Decide between Same-As-Cash, Power Loan, etc.
- Complete Application: Usually done on-site with contractor using tablet/phone
- Provide Documentation: Income verification, ID, property information
- Receive Decision: Typically within minutes for qualified applicants
- Review Terms: Carefully examine all fees and conditions
- Sign Documents: Electronic signature process
- Installation Begins: Contractor receives funding authorization
Required Documentation
- Government-issued photo ID
- Proof of income (pay stubs, tax returns, bank statements)
- Property ownership documentation
- Social Security number
- Bank account information for payments
Timeline Expectations
- Application: 15-30 minutes
- Approval Decision: Usually immediate, up to 24 hours for complex cases
- Document Signing: Same day as approval
- Funding to Contractor: 24-48 hours after project completion
- First Payment Due: 30-45 days after funding (varies by loan type)
Common Problems & Solutions
Payment Portal Login Issues
Problem: Cannot access online payment system
Solutions:
- Check if your account starts with “456” – use the correct portal
- Clear browser cache and cookies
- Try different browsers (Chrome, Firefox, Safari)
- Request password reset via phone at 1-888-390-1220
- Use phone payment option as backup
Customer Service Contact Difficulties
Problem: Long hold times and poor service quality
Solutions:
- Call early in the morning (8-9 AM) for shorter wait times
- Have account number and personal information ready
- Document all interactions for future reference
- Consider written complaints to escalate issues
- Contact Regions Bank directly as the parent company
Loan Transfer Problems
Problem: Difficulty transferring loan when selling home
Solutions:
- Start transfer process at least 60 days before closing
- Ensure all documentation is complete and accurate
- Work with your real estate agent to manage timeline
- Consider paying off loan at closing as alternative
- Get all transfer agreements in writing
Interest Calculation Disputes
Problem: Confusion over how payments are applied
Solutions:
- Request detailed amortization schedule in writing
- Keep records of all payments made
- Ask for explanation of daily interest calculation
- Consider consulting with a financial advisor
- File complaint with Consumer Financial Protection Bureau if needed
Early Payoff Procedures
Problem: Difficulty obtaining accurate payoff amounts
Solutions:
- Call for payoff quote and get confirmation number
- Request payoff amount in writing
- Account for daily interest accrual
- Make payment via certified check or wire transfer
- Get payoff confirmation in writing
Expert Recommendations & Final Verdict
When EnerBank Makes Sense
Consider EnerBank solar loans only if:
- You’re choosing the Same-As-Cash option and can pay it off within the promotional period
- Your contractor only offers EnerBank and you’ve exhausted other financing options
- You need immediate approval and can’t wait for traditional loan processing
- You’re comfortable dealing with potential customer service challenges
- The dealer fees are unusually low (under 10%)
Red Flags to Watch For
- High Dealer Fees: Anything over 15% should raise concerns
- Pressure Tactics: Contractors pushing “today only” financing deals
- Unclear Terms: Inability to explain re-amortization clearly
- Cash vs. Financed Price Gaps: Large differences indicate high fees
- No Alternative Options: Contractors who only offer EnerBank
Questions to Ask Your Contractor
- What’s the difference between your cash price and financed price?
- What exactly is the dealer fee percentage?
- Do you work with other lenders besides EnerBank?
- Can you explain how re-amortization works in simple terms?
- What happens if I want to pay off the loan early?
- Are there any other fees or charges I should know about?
Final Recommendation and Rating
Our Rating: 2.5/5 Stars
While EnerBank offers fast approval and tax credit optimization features, the combination of poor customer service, problematic payment systems, and high dealer fees make it difficult to recommend for most homeowners.
Bottom Line: Explore alternatives first. Consider home equity loans, personal loans from banks or credit unions, or other specialized solar lenders before committing to EnerBank. If you do choose EnerBank, opt for the Same-As-Cash option if you can pay it off quickly, and avoid the more complex loan products unless you fully understand the terms and fees involved.
The solar industry offers many financing options in 2025. Don’t let a contractor pressure you into EnerBank financing without exploring alternatives that could save you thousands of dollars over the life of your loan.