Financial Program Listings FAQ
Understanding loan terms and responsibilities can be confusing. This FAQ provides an overview of how loans and financial programs for electric upgrades work so you can confidently make decisions.
What is a loan amount?
A loan amount refers to the original sum of money owed in addition to any money that has accrued as interest on the loan principal. It is principal plus interest.
For example, if you agree to repay a lender $10,000 over ten years with a 4% interest rate, your total loan amount will start at $10,000 but will increase to more than $12,000 by the tenth year ($10,000 principal plus the $2,000 in interest).