Frequently asked questions

What does the financing cover?


Basically everything! The financing covers the charging system, materials (conduit, conductors) design & engineering costs, installation and labor, and even operation and maintenance contracts.




What are the interest rates?


The interest rates depend on a few factors, but are generally between 6% and 9%. Other rules of thumb include:
- The larger the project cost, the lower the interest rate.
- The longer the term length, the lower the interest rate. - Stronger credit from the leasee also translates to lower interest rates.




What are the next steps after approval of the initial term sheet?


After approving the term sheet, we move in to the due-diligence phase. EV Charge will send a simple one page credit application. Additionally, we will require two years of tax returns and the bill of materials for the equipment to be installed.




What are the minimum and maximum term lengths?


We can structure deals anywhere from twelve months through seven years, and everything in between. In certain cases, we can finance up to ten years.




What is required for the due-diligence period?


- A simple one-page credit application. - 2 years of tax returns. - Bill of materials for the equipment to be installed.




What about projects over $100,000?


Yes! Projects over $100,000 are welcome. We are even open to projects well over $1,000,000 dollars. However, projects of a larger size will likely require extra due-diligence and may take longer to close.




Are there prepayment penalties?


There are no prepayment fees. However, the entire amoritized amount of the equipment lease is required regardless of when it is paid back. In other words, there is no reason to pay back the lease early because all payments, including interest, is due whether it is paid back shortly after the first payment or the final payment.





Sample Term Sheet
(electrical contractor version)

1.

2.

3.

4.

1. your company's
name and logo

2. project cost
(choice of 36 or 60 months)

3. length of loan
(choice of 36 or 60 months)

4. interest rate & monthly payments

1245 Grove Street

San Francisco, CA 

connect@pardigmpower.org

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