Bank of Broadmoor to offer solar loans

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The Bank of Broadmoor and SunShare are offering new loans for qualified homeowners to finance solar panels.

SunShare is a local Colorado Springs solar company that allows customers to lease solar energy panels to eliminate annual electric bills.

The first solar garden by SunShare will be completed by the end of the year. It’s a 2.5 acre solar electric system, housing 2,500 panels. By leasing panels into the solar garden, customers of Colorado Springs Utilities can access solar energy without installin ga system on their home. The company sends the electricity to CSU’s grid, and the company deducts it from leasers’ utility bills.

Customers can lease two panels at a minimum, at a cost of $500 a panel. But that’s not enough to completely eliminate an electric bill.

The average Colorado Springs home requires approximately 22 panels to eliminate the annual electric bill, and The Sunshine Loan will enable homeowners to finance the lease of the necessary number of panels.

“Providing an historical opportunity for qualified homeowners to choose their energy source, and completely eliminate annual electric bills by using the savings of community solar is the goal of The Sunshine Loan,” says Patrick Sullivan, bank president. “By contacting Bryce Schuettpelz, loan officer at our Briargate location, the bank will work individually with each qualified customer via The Sunshine Loan to make solar energy accessible and affordable.”

The Bank at Broadmoor is a local, community bank.