Ygrene is one of the most expansive PACE solar loan providers in the industry with residential financing available across California, Florida, and Missouri. Many people ask, “What is PACE, and is it good for my customer”? PACE, or Property Assessed Clean Energy, is a financing solution where approvals are based on the equity in your home, rather than your credit score. PACE is a good solar financing solution for customers looking for low monthly payments, or who have a lower credit score, yet have substantial equity accrued in their home.
Click here to view a ‘one-pager’ with key information and quick facts about Ygrene’s PACE loan offerings.
Ygrene’s PACE benefits include:
Loan payments that adjust lower after ITC reamortization
Home equity-based, as opposed to more common credit score-based financing solution
No prepayment penalties
The ability to apply with a minimum of 10-25% equity in the customer’s home
Customer is current on mortgage and property tax payments
PACE financing is repaid as a special property tax assessment affixed to the property. And, as an added benefit, since the payment is attached to the property, it can be transferred to new property owners upon the sale of a home. Additional information about PACE can be found on Ygrene’s site, and at pacenation.org. Below is an excerpt from Pace Nation:
How To Use Ygrene Within The Clean.Tech App:
In the app, as you design your project, simply tap the blue home & person icon to view financing information and options.
Tap to the blue lender name to select financing and choose "Ygrene PACE" for the project in the Clean.Tech app.
3. Select Ygrene from the drop down menu.
4. Select Ygrene’s desired PACE lending product.
5. Tap ‘Calculate’.
6. Go back to the main screen of the proposal.
The proposal will reflect Ygrene’s Project Costs. It will also reflect approximated monthly payment amounts, incorporating the majority of the additional financing costs. Loan specifics and fees* will be quantified when you contact Ygrene directly by phone to formally qualify your customer with Ygrene for their PACE financing.
7. Next, a pop up will appear informing you of the next steps you need to take in obtaining funding approval for your customer. Call Ygrene directly at 866-634-1358 to work with their certified PACE compliant Inside Sales reps to confirm the specific monthly payment, and complete financing with Ygrene.
8. When you speak with a Ygrene sales rep, share your Clean.Tech proposal with them to provide the Clean.Tech Project Cost. [Note, Clean.Tech's California solar license is under Electrious, Inc (dba Clean.Tech)]
9. Ygrene will ask for the following from your Clean.Tech app and proposal:
Customer contact info, Address, CleanTech Project Cost, System Size, Wattage and Number of panels, Inverter type and number.
10. As the homeowner is completing their Ygrene financing documents, be sure they also sign the Clean.Tech Solar Agreement in the proposal, if they haven’t done so already.
11. When your homeowner signs their loan documents and Clean.Tech receives all Required Documents from you, (Including uploaded utility bills & site photos, and completion of the Customer Contact Info section at the bottom of the proposal document), Clean.Tech will communicate with Ygrene to trigger formal project funding approval, a.k.a. Notice to Proceed (NTP).
12. Once NTP has been granted, we assign your project to the Clean.Tech Fulfillment Team and initiate solar project activities, including: planset engineering, any site audit activities, and preparation for permit submittal and installation.
13. 100% of your commission payment is issued to your Sales Team once the final inspection has been passed and Ygrene forwards project funding to Clean.Tech.
If needed, be sure to visit the Help Center on Ygrene’s website for additional information on PACE financing, as you qualify and present this solution to your customers. And of course, reach out to the Clean.Tech Team directly through chat support for assistance with Ygrene’s PACE offering.
* Ygrene PACE fees include the Project cost, Homeowner Buydown fee (15%, reflected in the estimated monthly solar payment), Program fees, and Capitalized Interest. The only fee estimated in the Clean.Tech proposal is the 15% Homeowner Buydown fee. The Ygrene certified inside sales rep will clarify and finalize complete project costs and monthly payment.