Caixa Econômica Federal reports that the Caixa Renewable Energy Credit is now accessible to people looking for financing for solar energy installations.

This credit line for solar energy provides financing for residential photovoltaic kits and installation fees, with rates starting at 1.18% per month (depending on the customer's financial capacity).

Are you interested? Here's how it works and how to apply for credit!

Read also: Caixa FGTS loan: Find out how to take out a loan and the conditions in 2022

Caixa Renewable Energy Credit: How does it work?

Caixa will carry out a risk analysis before making a credit line available for solar energy. Before applying for this form of financing, you must be a Caixa account holder, have no outstanding debts with the bank and choose a Caixa service provider for the installation/acquisition of equipment. Otherwise, you'll be told "NO" straight away!

To analyse the risk, the bank will directly request certain documents, such as:

• Photo ID;
• Proof of address;
• Proof of income (if applicable)
• Invoice from the supplier of the equipment and/or installer of the energy generation system.

If you opt for this line of credit, simply go to a Caixa branch or contact Caixa via WhatsApp.

Once the Caixa Renewable Energy Personal Loan has been accepted and the invoice for the transaction has been validated, the funds are deposited directly into the supplier's account. If the invoice is not approved or if documentation is missing, your Caixa account manager will contact you immediately and give you the best possible advice.

The maximum term of the Caixa Renewable Energy Personal Loan is 60 months, with a grace period of up to 6 months before the first payment is due. The lowest loan amount is R$ 5,000, while the highest is R$ 120,000.

The money made available for the purchase of equipment will be channelled directly between the provider and Caixa so that the money goes in the "right" direction.

Who can access Caixa Renewable Energy credit?

To take out this line of credit, you must be a Caixa account customer and have no outstanding bank debts. A credit analysis will be carried out before the loan is granted.

How to sign up for this new line of credit?

Simply visit a Caixa branch or contact Caixa via WhatsApp. The bank will require the documentation (mentioned above) to be analysed.

After credit analysis and authorisation, the funds are sent directly to the vendor's account. Remember that the vendor must also have a Caixa account.

How do the instalments of the Caixa Renewable Energy loan work?

The Caixa Renewable Energy Credit requires the presentation of an invoice to the Caixa. It is vital to know that only one invoice is accepted per contract. In other words, the documentation must refer to the installation service, the purchase of the equipment or both.

When the bill is due, the instalments are deducted immediately. You should contact a Caixa branch, the website or the service channels accessible in your region if you are in arrears. If you don't have financial problems, try to negotiate other payment methods and avoid future fees.

In any case, if you have unpaid obligations, your name may be checked (negatively) by the credit protection authorities and you may find it difficult to get a new loan. If payments are late, the debt will continue to grow and the likelihood of paying it off will decrease over time.

Alternatively, if you want to pay the instalments in advance or pay off the solar energy credit line in full before the due date, just go to a Caixa branch. However, before taking action, consider the benefits and disadvantages of paying in advance.

Is it possible to finance just the installation of the equipment?

Yes, as long as the cost of the equipment installation service is included in the invoice submitted to Caixa. It's important to remember that each contract only allows one invoice to be sent, which can refer to the purchase of equipment, the equipment installation service or both.

When does the money go into the supplier's account?

The credit is applied to the supplier's account after reviewing the transaction documents and the invoice. If the paperwork is rejected, your manager will contact you for advice.

Can I pay the loan off early or advance the instalments?

Yes, you should visit a Caixa branch to find out about the procedures and benefits of prepayment or full credit.

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Can you cancel the credit application if you haven't installed the equipment yet?

No. As the payment will be sent directly to the supplier's account after the credit, the credit cannot be cancelled.

Visit the Caixa website, call the Customer Service Centre (4004 0104 for capital cities and metropolitan areas and 0800 104 0104 for other regions) or visit one of the Caixa branches for more information.