EnerBank USA is headquartered in Salt Lake City and is the 16th largest bank in the state of Utah. It is also the 542nd largest bank in the nation. It was established in 2002 and as of December of 2017, it had grown to 275 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!
I really like the bank for it's 0 interest home imporvement loans, but I wish they would send year-end or quarterly statements indicating the outstanding balance. Even if only available electronically.
They only send out payment coupon books (antiquated) and nothing else.
Financed the purchase of a new furnace, air conditioner and water heater through Enerbank (rough year) through our installer. Filled out the loan information (we have 800+ credit) and was quickly approved. Only learn after the fact that that 1) there is no online means of making payments; 2) there are no online means of getting your balance or confirmation of payments; 3) company doesn't issue statements monthly or yearly for that matter; 4) on their contact page, there is no means to e-mail them - just voice numbers. What company or banking institution in this day DOESN'T have some online presence or means of conducting business electronically? The only explanation is that their intent is to defraud their customers. Unbelievable. As such, we've tripled the payments we're making (hopefully their being received!) each month with the intent of getting rid of them. I will say that their customer service reps are always courteous, and state that some online method of tracking balances is forthcoming (6 months now of saying that).
I too have a "same as cash" account with them. This is supposed to be true if I pay in full prior to 545 days from Jan 3, 2012. I'll calculate it later but it looks like that is July or August of 2013. I too have not gotten a statement ever from them. I have paid roughly half of the balance due as of now. I too am trying to make contact with them with no success so far. After reading all the other reviews I am afraid to call them or write to them for fear they will demand payment in full for some obscure reason hidden in the fine print that I haven't found yet. I am keeping track of every penny I have paid to them complete with copies of all cancelled checks. (That cost a little extra to get the copies of the checks but under the circumstances, I think it will be worth it.) I signed up with them via "Systems Pavers" who installed a very nice driveway and walkway here. I am going to send "Systems Pavers" a copy of my note here along with copies of all the other posts. I made one other complaint with "RIPOFF Report" and I noticed when I returned home from being out of town for the last two days that there had been 3 phone calls from EnerBank USA. Maybe they read the comments. I don't think System Pavers will want to continue using these guys after my experience to date and all the other postings on here. I will update my story as it progresses. I will be sure to pay off the loan in full prior to 545 days for sure. Best of luck to all.
|FDIC Certificate #||57293|
|Return on Assets - YTD||2.04%|
|Return on Equity - YTD||16.21%|
|Annual Interest Income||$130.5MM|
|Assets and Liabilities|
|Assets||Q4 2017vs Q4 2016||$1.46B$1.38B|
|Loans||Q4 2017vs Q4 2016||$1.35B$1.28B|
|Deposits||Q4 2017vs Q4 2016||$1.25B$1.20B|
|Equity Capital||Q4 2017vs Q4 2016||$190.3MM$161.7MM|
|Loan Loss Allowance||Q4 2017vs Q4 2016||$19.7MM$15.7MM|
|Unbacked Noncurrent Loans||Q4 2017vs Q4 2016||$3.7MM$3.1MM|
|Real Estate Owned||Q4 2017vs Q4 2016||$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|