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 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.
NOTE: Sunlight Financial now offers Clean.Tech customers access to a separate Home Improvement Loan if the homeowner needs a new roof or other home improvements. See below for more info.
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 after we receive all required documents for solar projects.
16. Once NTP has been granted, we assign your project to our engineering team to formalize project design and prepare for permitting and installation.
Sunlight will notify you, the homeowner, and Clean.Tech by email if there are any other actions the homeowner needs to take. The email includes a simple upload button for any additional documents.
NOTE: Sunlight Financial now offers Clean.Tech customers access to a separate Home Improvement Loan to complete projects outside the scope of solar including the additional cost of a new roof. Adding the cost of a new roof to a solar proposal often increases the price per watt (PPW) above the $6/Watt limit for Solar Loans.
When you log into the Sunlight portal you will see a button at the top of the page.
Orange for Solar Loans and Blue for Home Improvement Loans. Toggle between the two to run the entire loan process for both products!
Most importantly, the funds from a Home Improvement loan can be paid to the homeowner upon completion of the project to cover the cost of the new roof or other Home Improvements.
NOTE: CleanTech will not make any payments for roofing or other products not directly provided by CleanTech. Please do not include roofing or other non-solar related costs in any solar loan.
Use the Home Improvement Loan for a better customer experience!
What you can include in a solar loan:
You can add tree trimming and other solar adders as long as the price per watt (PPW) is below $6/W and all adders plus storage up to $10/W.
December 2020 updates!
- ID Scanner Expansion: The credit application signing process keeps getting easier! Our Orange® mobile app ID scanner tool now saves customer data and pre-fills it into credit union membership forms for an improved customer experience and a faster, easier sale. (2:30 min video)
- Improved Loan Document Sending: Last month we introduced a timer after sending loan documents in order to reduce errors and ensure your sales process doesn't slow down. This month, we're enhancing the user experience and making it even more clear when loan documents have been sent to customers.