Sunlight Financial is one of the largest solar loan providers in the industry, offering both solar and home improvement loan products that are fully flexible, fixed interest rate loan products. One major benefit about Sunlight Financial is its ease of use, as sales partners can easily work with homeowners to 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.
Sunlight benefits include:
Loan payments will adjust after 17 month reamortization
Sunlight offers credit extension
No prepayment penalties
FICO score minimum of 640
Acceptable debt-to-income (DTI) ratio is 55%
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.
Tap to select financing.
Select ‘Sunlight Financial’ from the drop down menu.
Select which loan product you would like from the drop down menu.
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 it is your first time using Sunlight, request an invitation to the CleanTech Sunlight portal by emailing firstname.lastname@example.org. We will create your user account, and Sunlight will automate an email invitation for you to create your password. Note: provide us an email address that is not currently in use for the Sunlight portal.
In the Sunlight Portal, prequalify the customer with a soft credit check.
From the Sunlight Portal, send the customer the hard credit check/application.
Note: Do not include roofing or non-solar related costs in the solar loan amount or application; Use the Sunlight Home Improvement Loan for re-roof project funding.
You can add solar-related adders to the solar loan, including items like tree trimming, just be sure to keep the price per watt (PPW) below $6/Watt and if you incorporate storage, keep the price under $10/Watt.
After your customer has applied and been approved, generate loan documents. 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 that match the amount entered in the application.
Customer signs the loan documents. Sunlight will notify you, your homeowner, and Clean.Tech by email if there are any documents the homeowner needs to upload.
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 your solar project.
Once NTP has been granted, call in for the Welcome Call, ideally with your customer. At this time, your Project Coordinator will inform the Fulfillment Team to initiate solar project activities.
Home Improvement Loan, for Projects that include Roofing
(17) For customers seeking to combine their solar installation with a new roof, Sunlight Financial now offers Clean.Tech customers access to a separate Home Improvement Loan to accommodate and pay for non-solar home improvements, including re-roofing projects. After logging into the Sunlight portal, simply tap the button at the top-center of your screen that reads ‘solar’ to toggle the portal to the Home Improvement Loan view and follow the same steps as with solar loan above to qualify your customer.
Please reference the ‘Combining a Roof Replacement With Solar’ article and video for complete details on: selecting a roofing contractor, establishing a contract price with that contractor, using the dealer fee calculator to ensure all fees are included in the desired loan amount, applying for & qualifying your customer, and notifying Clean.Tech as the roofing project is complete so contractor payment can be processed, and solar project fulfillment activities begun.
Be sure to visit the Help Center in the Sunlight Financial portal for additional training materials on both the Solar and Home loan products, or give them a call at 888-850-3359 during business hours. And of course reach out to the Clean.Tech Team through chat support for assistance, as well.