EnerBank USA is headquartered in Salt Lake City and is the 13th largest bank in the state of Utah. It is also the 339th largest bank in the nation. It was established in 2002 and as of December of 2019, it had grown to 338 employees at 1 location. EnerBank USA has an A health rating.
I purchased a Solar Electric System recently and chose to use the Enerbank Same As Cash Loan as recommended by the solar contractor. I paid close attention to the terms and this offer was much better than leasing the system. I have found Enerbank to be very helpful and they explained the payment schedule very well. It seems other posters on here are not familiar with Same As Cash financing or were mislead by their contractors. Enerbank is a bank, they make money on money. In my case I got cheap money for a year and was able to float my 30% federal tax credit. Pretty good deal really. I'm okay with Enerbank making some money off of me (I assume that my contractor paid them a fee and worked it into my bid), because I get to hold onto $10,000 for a year instead of paying it now. I can make money off that $10k by investing it for the next year and I will be sure to pay off the SAC loan so I don't become subject to "unexpected" fees and charges. Coming from a financing background, this is a no-brainer. People who "forgot" they would need to make payments on a loan should not blame the lender. there is no free lunch!
The only thing a customer can do online is pay their bill. One cannot see their account online, can't look up interest payments or see anything because there is NO ONLINE account information. Oh, but they are more than happy to FAX or MAIL the information to you. Their customer service is hamstrung. They can't even look up the info to give it to one over the phone. No place to sign in on their website. This also means that one's account can't be linked to Mint.com, where one can monitor all of their accounts in one place. It is all manual, which is archaic at the end of 2018. It is so frustrating. If it weren't for their wonderful customer service, good interest rate and ease of getting a loan, it would be unbearable. Oh, and they took my account off of auto payments after one year and told me it was in the fine print. REALLY?!! So my 13th payment was late (after a full year of on time payments) and they charged me a late fee! Thankfully, their customer service is good and they waived the fee, but what a hassle. No notice and they screwed up a perfectly good payment program. Why would they do that?!
|FDIC Certificate #||57293|
|Return on Assets - YTD||2.04%|
|Return on Equity - YTD||19.48%|
|Annual Interest Income||$220.5MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$2.71B$2.02B|
|Loans||Q4 2019vs Q4 2018||$2.50B$1.86B|
|Deposits||Q4 2019vs Q4 2018||$2.39B$1.76B|
|Equity Capital||Q4 2019vs Q4 2018||$277.3MM$228.4MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$33.2MM$24.3MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$8.9MM$4.9MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$0|
Sorry, we do not have rate data for EnerBank USA.
|EnerBank USA Locations|
|Enerbank Usa||1245 E. Brickyard Road, Suite 600||Salt Lake City, UT 84106|