Zero Interest Portion Payment

How do I pay the Zero Interest Portion (ZIP) of my Solar Loan?

The ZIP of your solar loan was designed to enable you to defer payment in the amount of anticipated tax credits applicable to your solar loan. We have several convenient ways for you to pay the ZIP of your loan.

How do I pay the ZIP of my Solar Loan?

You can make a one-time payment towards the ZIP in several ways:

Online: Make a one-time ACH payment. Complete the online ACH form to transfer funds from your bank account at any financial institution. Submit both ZIP and monthly payment when using this payment option, even if you are enrolled in recurring ACH payments. Your recurring ACH payment will be suspended without authorizing duplicate payment.
Check: mail check with the completed payment coupon to NBT Bank Loan Operations, P.O. Box 149, Canajoharie, N.Y. 13317 or submit electronically via bill pay functionality through your financial institution.
Service Center: call NBT’s Solar Lending Customer Service team at 844-NBT-LEND 844-628-5363. Service Center transactions require additional fee.

Where can I find the ZIP Payment Maturity date and balance?

Your billing statements and NBT Online Banker account show the original amount of the ZIP payment for your loan and the Maturity Date. You will also receive maturity notices starting 8 weeks prior to the maturity date, which will detail how much you need to pay by the zip maturity date to keep your current monthly payments.

What happens if I pay the ZIP prior to Maturity Date?

Prior to the ZIP maturity date, your prepayments will apply to the principal of the loan, reducing your loan interest over the term of the loan. On the maturity date, your prepayments will apply to the ZIP of your loan.

What if I do not pay the ZIP prior to Maturity Date?

If you do not pay the ZIP prior to its maturity date, your monthly payments may increase. ZIP maturity notices will be sent to you starting from 8 weeks prior to the maturity date. A potential monthly payment increase amount is provided as an example for a borrower who has similar loan terms and original ZIP balance when they do not pay ZIP prior to its due date.

I made ZIP payments prior to maturity, but I do not see changes in ZIP balance, why?

Prior to the ZIP maturity date, your payments will apply to the principal of the interest bearing loan, reducing the interest you pay over the term of the loan, saving you money. The month following your ZIP maturity your additional payments will be reflected in your monthly Statement or eStatement as an addition to your Interest Bearing Loan and a subtraction from your ZIP Loan. This will appear on the Online banker the day after the maturity date.

Where can I find loan information?

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Enroll in NBT Online Banker.

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How do I manage my payments?

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