One differentiator of ezSolarLoan’s “Jackpot Solar Loan” is that it offers one of the longest loan terms available in the industry, resulting in lower monthly payments for your homeowner. EzSolarLoan is operated by a nonprofit community first credit union (C1CU), allowing for exceptionally low market-based interest rates.
This 21-year loan can be viewed as three 7-year term loans back to back. The first 7-year term is represented by a fixed interest rate. Then, the subsequent 7-year terms adjust to the current US Treasury (UST) rate based on what principle is left on the loan and what interest rates are doing in the marketplace. To make sure your customer’s payments remain low, each adjustment can increase by no more than 2.5% over the previous rate in effect. In some cases, the rate could even come back down after the second 7-year term!
Click here to view a ‘one-pager’ with key information and specifics to assess if ezSolarLoan is a good fit for your customer.
One differentiator of ezSolarLoan’s “Jackpot Solar Loan” is that it offers one of the longest loan terms available in the industry, resulting in lower monthly payments for your homeowner.
This 21-year loan can be viewed as three 7-year term loans back to back. The first 7-year term is represented by a fixed interest rate. Then, the subsequent 7-year terms adjust to the current US Treasury (UST) rate, plus 3.25%. To make sure your customer’s payments remain low, each adjustment can increase by no more than 2.5% over the previous rate in effect.
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 an ezSolarLoan loan:
- Tap the blue home & person icon to view financing information.
2. Tap to select financing.
3. Select ‘ezSolarLoan’ 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. Work with your homeowner to go to this link to apply for the loan. The graphic below shows the master list of required stipulation documents to gather for the application:
11. On page 2 of the application, fill out the form as shown below for the ‘Installation Company Name’ and ‘Notes’ sections (you must enter Clean.Tech as the solar installer). 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.
12. The homeowner will either be instantly approved, declined, or receive conditional approval. If approved or conditionally approved, the homeowner will need to forward pictures of Photo ID(s) for all parties on the home’s title to applications@ezSolarLoan.com. In the case of conditional approvals, Verification of Income (VOI) will also need to be emailed to email@example.com.
13. EzSolarLoan will review all applications and communicate with the homeowner if any other documents are required. Currently, you and your homeowner should anticipate a wait time of 3-7 business days for instant or conditional loan approvals. From that point, it may take another 5-15 business days to collaborate with ezSolarLoan’s underwriting team to issue a formal approval, and an additional 10 business days to receive electronic loan docs for signature.
Note: ezSolarLoan will be launching an automated loan portal in Q4 2020!
14. EzSolarLoan will email the ‘loan commitment’ to the homeowner. The homeowner should reply to that email accepting the loan commitment.
15. EzSolarLoan will email a link and passcode to electronically accept and sign the loan documents.
16. Clean.Tech receives Notice to Proceed (NTP) from ezSolarLoan and will email the solar agreement to the ezSolarLoan portal.
17. Once NTP has been granted, we assign your project to our engineering team to formalize project design and prepare for permitting and installation.
18. Your 100% commission payment is issued once the final inspection has been passed and ezSolarLoan forwards final funding to Clean.Tech (typically 7-10 days after installation).
Watch the following video to explore the ezSolarLoan Loan product, including qualifications and benefits: