Borrowers applying for a Solar Plan - Project can anticipate a simple process and a consistent experience. As a Certified Installer offering a Solar Plan - Project here are the top things that borrowers can expect:
1. Eligibility Criteria
- 650 FICO credit requirement (No DTI)
- Borrower must be on title
- Home is an approved type (in general, single family, fully owned. Installer responsible for affirming site eligibility)
- Getting Approved: Credit Parameters
2. Borrower Portal Account:
- Instant sign up at point of sale
- Instant upload and fulfillment of NTP requirements & Agreement Confirmation
- Borrower Portal account
3. Signing Process:
- Skylight Lease Agreement contract sent via DocuSign
- NTP Requirements fulfilled via web portal account
- ACH banking information is required on all sales
- Completing NTP Requirements
4. Billing Expectations:
- First Payment Expectations: First payment typically due 30 days after the system is issued PTO. Customers generally receive their first bill/invoice approximately 15 days after granted PTO.
- 30 Day billing cycles, with 15 day payment terms
| Question | Answer |
|---|---|
| Why is it necessary for borrowers to link their ACH/bank account? | This guarantees secure payment information across all accounts. ACH is required at the point of sale as it is a necessary NTP milestone for Certified Installers. |
| What occurs if a payment is delayed? | If a payment is delayed for any reason, borrowers are given reasonable flexibility to re-link their payment and update their account. |
| UCC-1 Filing? |
The UCC-1 filing on the solar equipment represents the interest of the solar financier in the equipment. This filing is made once the installation is considered complete and is a standard practice among industry financiers. Borrowers refinancing or applying for a mortgage may have a loan officer come across the UCC-1 filing on the solar equipment and mistakenly view it as a lien on the property. However, it is not a lien and should not block the refinancing process. It's important to note that this issue often stems from a lack of understanding or knowledge on the part of the mortgage officer. |
| What occurs if my customer experiences downtime? |
In the case of a prolonged outage, Skylight Lending will collaborate with homeowners, if necessary, to provide shorter-term true-ups in exceptional situations. However, in most cases, any production lost due to downtime will be addressed according to the lease agreement, if applicable. |
| Borrower first bill? |
In most cases, the first bill will be issued approximately 30 days after activation. The homeowner’s first bill is due 30 days after PTO on the earliest of the 1st or the 15th of the month following that 30 day period. Typically, it’s reasonable to expect the first payment around 30 days after PTO. |
| Does the Lease/PPA payment appear on the homeowner's credit? | No, the Skylight Lending product does not report as a debt. There is no consequence to simply seeing if a Borrower is qualified. |
| Critter guards? | Critter guards are advised for homes where there is a noticeable risk of critter activity. Certified Installers should exercise their best judgment to install them proactively in areas of concern or upon the homeowner's request. |
| What are the alternatives to ACH? |
ACH is a strongly encouraged NTP requirement for all customers, and no alternative automatic payment methods are accepted at this time.
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| What about Power of Attorney? |
Skylight Lending does not accept customers who are signing on behalf of a family member under Power of Attorney. Homeowners interested in going solar must fully meet the qualification requirements on their own, without relying on any POA or caretaker relationship. |