Palmetto, a home electrification financing platform, has launched a consumer focused Comfort Plan to support the adoption of energy efficient systems. Homeowners signing up for a Comfort Plan, can expect a straightforward process and consistency in their experience.
When selling a Water Heater system with the Comfort Plan, here are the top 5 items for your homeowners to expect.
1) Qualifying
650 FICO credit requirement (Highest Score: TransUnion and Equifax)
No Debt-to-Income ratio required
No bankruptcies (7-Year Lookback)
Homeowner must be on title
2) Homeowner Web Portal Account
Instant sign up at point of sale
Instant upload and fulfillment of NTP requirements & Agreement Confirmation
Homeowner portal link: https://home.palmetto.com/
3) Signing & Fulfilling Requirements
Comfort Plan contract sent via Docusign (or Web Portal Account)
Notice to Proceed requirements fulfilled via web portal account, including secure ID
ACH banking information is required on all sales- Setting up ACH autopay is mandatory for all customers and serves as a prerequisite for receiving the installation Notice to Proceed (NTP) status.
4) Maintenance Program
Maintenance Program: 10-year coverage included
Warranty: 10-year parts and Labor warranty included
5) Billing
30 Day billing cycles
First Payment Expectations: First payment due 30 days after the system is Installed.
Billing details available via homeowner's portal
Credit Requirements
Item | Requirement |
Credit Requirements |
|
There are four key items required to proceed with a credit check and standard underwriting requirements. These are referred to as the Qualification.
Customer info
System Design
Quote
Credit Check
Once the Qualification details are input into the portal, users can proceed with the other standard NTP requirements. An essential component of the NTP requirements is enrolling in ACH autopay, which is mandatory for moving forward with any project. Below are our credit parameters and other key details about the equipment lease that Certified Installers should know.