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Are all states a PPA? |
Skylight Lending current product suite operates virtually identically, whether it is technically a PPA or Lease. This means that the value proposition and product details are interchangeable. For legal/technical purposes, the product is technically classified as a lease in some states. View applicable states in the "Active Utilities" article in this help center.
For practical purposes, the distinction between our PPA and Lease are for state legal purposes. A PPA signifies "pay for power" whereas a Lease signifies "pay for use of equipment". Ostensible, the products amount to the same mathematics, value proposition. The only difference that may be worthy of note is how the escalator technically works: PPA: Escalator based on the kWh rate Lease: Escalator based on the total cost for the lease. |
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Skylight Lending's Right to Cancel Orders |
Skylight Lending reserves the right to cancel files that do not result in installation after an extended period, typically 160 days or more. However, this policy is not actively enforced unless there are exceptional circumstances involving the Certified Developer (see reference 6.1.5). Internally, this is related to our capital providers and funding allocation limits. When a contract is signed, capital is allocated. For instance, if a non-performing Certified Developer signs 100 customers and no installations are completed after 200 days, this could prevent us from redirecting those loan funds to valid transactions. While such scenarios are rare and would generally be addressed at the portfolio level, it’s important for those working with Certified Developers to understand this consideration regarding credit validity.
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| Can a homeowner have multiple accounts or sites? |
Yes, a homeowner can have up to 3 active applications. However, each account must have a unique email address. Each site is treated as a separate project, and duplicate email addresses are not allowed. |
| What is the process for checking a homeowner's credit? | We evaluate both Experian and TransUnion at once. The customer must be approved by both bureaus. |
| The homeowner has a credit freeze in place. |
https://www.experian.com/freeze/center.html https://www.transunion.com/credit-freeze CHECK |
| Difference Between a Soft Credit Check and a Hard Credit Check. |
A soft credit check is part of all energy plans, ensuring that the homeowner’s credit score isn't impacted. Furthermore, the PPA is not considered debt, so there are no consequences for determining if a homeowner qualifies. |
| Can co-borrowers be included? | Co-coborrowers are permitted; please see article 2B in this sales section for more details. |