Sunlight Financial is one of the largest solar loan providers in the industry, offering a fully flexible, fixed interest rate loan product with reamortization 17 months into the term. Loan payments will adjust after reamortization, based on what the homeowner does or doesn’t pay during those first 17 months. Sunlight offers credit extension, battery loans, no prepayment penalties, and allows for up to 15% of the loan to be used for non-solar adders* (see below). They take FICO scores of down to 650 and their debt-to-income (DTI) ratio is 55%, making this a good option for homeowners who may have additional debt.
One nice thing about Sunlight Financial is its ease of use - homeowners can get the Clean.Tech agreement signed, soft credit check approved, and loan documents signed directly on site!
Click here to view a ‘one-pager’ with key information and quick facts about Sunlight Financial’s loan offerings.
As you build your customer’s solar proposal within the app, follow these steps to select, apply for, and ultimately attain Notice to Proceed (NTP) with a Sunlight Financial loan:
- Tap the blue home & person icon to view financing information.
2. Tap to select financing.
3. Select ‘Sunlight Financial’ from the drop down menu.
4. Select which loan product you would like from the drop down menu.
5. Hit ‘Calculate’.
6. Go back to the main screen of the proposal.
7. Tap the blue ‘Review agreement, sign up’ button in the bottom right corner.
8. Verify that all of the homeowner information is accurate.
9. Tap ‘Looks good, proceed to agreement’ to send the solar agreement to the homeowner for signature once the proposal is complete.
10. If you have not received an invitation from the Clean.Tech Sunlight Financial portal, please send your request to firstname.lastname@example.org. We will create your user account, and an email invitation will automatically be sent to you to create your password. NOTE: Send us an email address that is not currently in use for the Sunlight portal.
11. In the Sunlight Portal, prequalify the customer with a soft credit check.
12. From the Sunlight Portal, send the customer the hard credit check/application.
13. Generate the loan documents. Note: Be sure to enter the exact dollar amount from the Clean.Tech solar agreement in your loan application; otherwise, the homeowner will have to sign new loan documents.
14. The customer can sign the loan documents.
15. Clean.Tech will upload the solar installation agreement to the Sunlight Financial portal and request Notice to Proceed (NTP) approval.
16. Once NTP has been granted, we assign your project to our engineering team to formalize project design and prepare for permitting and installation.
One of the benefits of Sunlight Financial is that you, the homeowner, and Clean.Tech will all be notified by email if there are any other actions the homeowner needs to take. For instance, the homeowner may need to provide bank information to secure a lower interest rate by making automatic payments, or they may need to provide title documentation. There will be a link to upload these required documents directly in the email from Sunlight.
Click here to watch our July 22 Daily Power Tip discussing our offer with Sunlight Financial.
NOTE: Sunlight has updated their "adders" list of items that can and cannot be funded with the solar loan. You can include re-roof, tree trimming, main panel upgrade up to $6.00/watt, and batteries up to $10.00/ watt.