The following is an outline of the Central Lincoln Solar Loan Repayment Terms. This page is for information only and not the actual loan application. If you elected the twelve (12) equal installments with zero interest as your payment option on your Central Lincoln Solar Application and Agreement, a representative will contact you to start the loan application process.
Promise to Pay: I promise to pay Central Lincoln the amount designated on my signed and approved loan form. I will make payments as stated, and I agree to all terms of this and other Central Lincoln Solar Agreements, and to those stated in the Disclosures Under Federal Law.
Payment: I agree to pay as indicated in “My Payment Schedule” appearing on my signed and approved form, and I will do so exactly as stated in the detailed payment plan.
I may, without penalty, make extra payments or larger payments than agreed. Prepayments will not postpone any scheduled payment due or change the amount of such payment. If I pay off this agreement early, I will not have to pay a penalty. If I close my account, the entire balance of the loan is due with the closing bill. If I elect to make extra payments or pay larger payments than agreed, I understand I must indicate that the extra amount is to go towards the loan balance. If I do not indicate that the extra is to go towards the loan balance, I understand that the additional payments will be applied as an electric credit.
Disconnection of Electric Service: This loan repayment provides that Central Lincoln may disconnect any and all electric services to the service address, if I cease or fail to make payments as scheduled. This repayment is subject to the same notice and terms that Central Lincoln uses for disconnecting electricity to the property for non-payment.
Disclosures Under Federal Law: Disclosures reflect the amount I will pay if Central Lincoln receives payments exactly as agreed.
Annual Percentage Rate (the cost of my credit as a yearly rate) = 0%
Finance Charge (the dollar amount the credit will cost me) = $0
Amount Financed (the amount of credit financed to me or on my behalf) = will be equal to the number of panels you’ve elected to purchase. Customer is allowed to purchase up to five (5) solar panels at $330 per panel, based on availability.
Late Charge: For each payment that is not paid by the scheduled payment date, I will pay a late charge of 1.5% of the amount that is late, or $5—whichever is greater. In addition, I agree that Central Lincoln may discontinue any and all services, including the disconnection of electricity to the property.