Frequently asked question

FINANCING & EPC COMPANY MEETINGS

Have question about OtoPilot and our EPC Network? We're here to provide answers. Explore our FAQs to find the information you need.

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180 days
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90 days
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One year
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Single Family, Residential Homes up to 4 Units, occasionally Agricultural No mobile homes outside of CA and TX ( will do it if it’s real property, tax designation etc)
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Residential single family homes, mobile homes if land is owned and on permanent foundations, townhomes, Duplexes, Multifamily homes (must be separate meters)
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Any property that is structurally sound that the customer owns
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LLC and trust owner must be on the credit application, as this is a personal loan. Homeowner’s will find out after applying if they are approved depending on the ownership option.
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Can do commercial, nonprofits, LLC’s, Trusts
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If the Title reflects the company, a deal cannot be made. If it’s a trust that reflects name on title, yes. Power of Attorney needs to be documented if applicable
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Homeowners in pre-foreclosure cannot be approved Options at end of the term:
25 year terms can be extended to 30 years
Removal of system at no-cost and returning roof to it’s original condition
Purchasing system at FMV (fair market value)

First payment due: 1 month after PTO has been issued

Auto Pay details: no discounts for auto pay.
3% fee is added if they do not pay automatically

Credit Score and Qualification Requirements: 650+ is premier
600-649 is Heartbeat
Lower than 600= fail
If fail, reach out to Gilberto Castro to review and see if it can be overturned at time of sale or afterwards. He will review all credits the day prior and will review the failures and attempt to overturn them, and can help the HO get approved to sign and move the project forward

PPW caps: 6.80 on Premier
4.60 if it’s Heartbeat
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First payment is due 60 days after installation is completed. 0% interest until June of the following year of installation.
Amortization period is until June the following year, and the loan will shift after June based on how much is applied. They do not charge interest on the deferred amount on the loan.
They do have an 18 month option which adds 1.5% onto the loan
No prepayment penalties
State incentives are included in the deferred interest portion of the loan, so they won’t be paying interest on the same amount of the incentives.
Auto Pay details/ACH- Paying manually is .25% more than auto pay, which is assumed within the payments shown in proposal tools.

Credit Score and Qualification Requirements
Loan caps - $135k-$150k (120k needs 700 score or above)
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Auto Pay details/ACH- Paying manually is .25% more than auto pay, which is assumed within the payments shown in proposal tools.
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18 month re-am most common, but they do have a short “same as cash” loan option Auto Pay details- set up auto pay once the job is completed- they will collect payment information. There is no change in ACH payment vs paying manually
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Auto Pay details: no discounts for auto pay.
3% fee is added if they do not pay automatically
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Loan caps - $135k-$150k (120k needs 700 score or above)
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650+ is premier
600-649 is Heartbeat
Lower than 600= fail
If fail, reach out to Gilberto Castro to review and see if it can be overturned at time of sale or afterwards. He will review all credits the day prior and will review the failures and attempt to overturn them, and can help the HO get approved to sign and move the project forward
PPW caps: 6.80 on Premier
4.60 if it’s Heartbeat
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700 for a 25 year loan, 650 for Brightstar
Loan caps- $100,000 financing
650 for home improvement loans for a 15-20 year term
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no credit score, does verify credit history relating to home, auto
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$135k-$150k (120k needs 700 score or above)
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24 Month Same as Cash Promotional Loan- no interest, no payments, pay off at month 24.
1-25 year loan options, depending on dealer
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Premier- High FICO
Heartbeat- Low FICO
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First payment due within 30 days after PTO
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State differentiators- how does each state differ with financing options? (Important for ID and ND, and different installers)
State incentives for deferred interest
Texas is 80% at install, 20% at PTO
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State differentiators- how does each state differ with financing options? (Important for ID and ND, and different installers)-
Florida is the only state that has a doc stamp tax- $175 is added to the loan for every $50,000 - can change the monthly payment a very little bit-
Run the loans through the portal for Service Finance for accurate numbers in Florida if homeowner wants to know the exact numbers for the loan payments

All loan payments are the same
Installer differentiators
Do you require a welcome call for the financing company, and what is the phone number to do so? No welcome call required- just a verification call
Contact phone number for the loan (if different from the company)
Service Finance does not put a UCC-1 on the equipment or the home.

Dealer sends the bank the details of the PTO email or they will get a verification call done
POC for dealer support on loans:
Benny Fine
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Never runs a hard credit check- is the only solar loan company that doesn’t run a hard credit check for the Homeowner
Uses Experian for credit reports, so they determine it by checking with Experian
Credit Requirement: 640, co applicants are accepted
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Hard credit check from point of application
DTI consideration? No
How long is the credit check good for?
90 days
if the installation isn’t done by the time the credit check expires, what is the process to begin again?
Can extend the approval period.
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Pays 100% at physical installation of the project, HO and Installer confirm the installation and payment is made
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20% M1, 80% M2 (install)
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Yes, it is a 50% consideration for those between 650-700
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Stated income only. DTI is a consideration
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No
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Re-apply, but info will be transferred over to new credit application
If loan is funded before installation, does HO have to pay a month afterwards even if the installation isn’t completed/received
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If the loan gets cancelled, reapply. If it’s another 30 days needed, call the Dealer Support line to extend the loan
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Can extend the approval period.
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Payment not due until after PTO If loan is funded before installation, does HOW have to pay a month afterwards even if the installation isn’t completed/received PTO
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No welcome call required- just a verification call Contact phone number for the loan (if different from the company)
Service Finance does not put a UCC-1 on the equipment or the home.

Dealer sends the bank the details of the PTO email or they will get a verification call done
POC for dealer support on loans:
Benny Fine
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Yes
Contact phone number for Green Lease (if different from the installer ) - Texas Solar office number 210.245.6600
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Yes, in Solwerks directory
Contact phone number for the financing: Solar Manager takes the PPA over after it’s funded.
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NBT Bank owns these loans- their service number is: 844-628-5363 Up to 50% of the loan can go towards the roof and storage
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