Energy Backup Credit Policy Overview
A | Credit Requirements |
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B | Credit Validity |
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C | Credit Application Requirements |
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The Qualification milestone lays the groundwork for a successful project. They cover the basic customer and system details. Accuracy at this stage prevent delays later in the process.
Requirements Include:
Customer information
System design details
Completed quote
Credit check
Processing a Credit Check & Signing
Performing a credit check and signing via the LightReach finance portal is quick and simple, requiring basic information from the customer.
Click Here for a Step by Step process of running credit & sending contracts via our finance portal
Click Here for a Step by Step process of running credit & sending contracts via our finance portal
1. Create the customer's account:
2. Ensure Customer and Property Info is correct:
3. Go to the 'System Design' tab to enter the battery details:
4. Ensure the System Design details and pricing are accurate. Once confirmed, click 'Save & Get Pricing':
5. Run Credit: Click "+ Application" to submit a credit application:
Last 4 digits of SSN required, full social recommended for best results. Some applications may not return a result without full social.
Note that ITINs are not accepted in place of social and may result in an error.
Double check homeowner email for accuracy
Allow homeowner to review and affirm the disclosure
Run a credit check or send the credit application to the homeowner
Maximum credit check rate limit of 6 on all accounts
add coapp link/bullet
*Credit applications can be emailed to the customer directly.
6. When ready, SEND the Contract
Ensure that the email being used is not already associated with a project at a different address. Applicants with multiple projects across different addresses must use a different email for each project
Contracts are sent to the homeowner's email via docusign
Docusign subject (may vary): "Power Purchase Agreement - XYState"
Alternate signing option: Homeowners can sign the contract within their homeowner portal account: Home.palmetto.com
Simultaneously, the homeowner is sent an ACCOUNT/APP Login Prompt via Email (see visual below).
The sales rep verification email is automatically sent to the sales rep when a contract is sent to the customer
FAQs
1 | Can the Trust/LLC sign? | No, the customer/homeowner themselves must sign (IE a person). Trusts and LLC guidelines for title purposes are listed above. |
2 | Can I have multiple sites/accounts for the same homeowner? | Yes, up to a maximum of 3 active applications per client. The customer will need a different email address for each unique property address.
Additional homes (IE 4+) can be accepted after the first 3 applications have been PTOd + completed payments on time for 3 months. After the 3 month period, additional homes/applications can be accepted (to the maximum of 3 at any given time). |
3 | How is the homeowner's credit checked? | We check both Transunion and Equifax at the same time, the highest score will be taken |
4 | Homeowner has frozen credit? | In the event a homeowner has frozen their credit reports, they will need to unfreeze directly with the bureau(s) in order to proceed. |
5 | Soft Credit Check vs Hard Credit Check? | All Energy Plans feature a soft credit check. This means that there is no impact to the homeowner's credit score. Additionally, the PPA does not report as debt. Therefore, there is no consequence to simply seeing if a homeowner is qualified. |
6 | Credit Results: Applicant Not Found
| This is typically associated with situations whereby only the last 4 digits were used.
The next step would be to run with full SSN (it's a soft check entirely, so no impact to the homeowner to rerun credit).
There are some situations whereby the homeowner has no credit history at all, we can't pull a result. |
7 | Credit Results: Error
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8 | What is the Max System Price? | Pricing depends on the battery brand selected and how many batteries the client wants. For price cap details, see the Energy Backup: Program Overview |
9 | Co-Applicants allowed? | Co-applicants are permitted - See our co-applicant article for full details. |
10 | Who will receive the credit application email? | The application email will be sent only to the Primary Applicant. |
11 | My customer's score has improved. When can they re-apply? | Customers are free to re-apply at anytime as credit reports are updated periodically. However, it is important to note that recent changes might not be reflected if a credit check is performed immediately after a credit event.
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12 | I see DOB, is this required? | No, DOB is optional, but may help in providing favorable results. |