Palmetto is expanding the Comfort Plan to support residential geothermal installations. Homeowners signing up for the Geothermal Comfort Plan can expect a straightforward qualification process, predictable monthly payments, and long-term service coverage included as part of the program.
When selling a geothermal system with the Comfort Plan, here are the top items for homeowners to expect.
1) Qualifying
680 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 |
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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.
1 | What happens after the initial 10-year term? | After the initial 10-year lease, the customer has the following options:
At the end of the lease, customer can:
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2 | Is the homeowner eligible for Inflation Reduction Act (IRA) Tax Credits? | Federal tax incentives are currently not eligible for homeowners that choose to lease HVAC equipment. |
3 | What happens after a lease renewal? | Following any renewal period the customer may elect to enter into a new lease agreement for new replacement equipment. In the event they enter into a new lease agreement, the customer will not pay any equipment retrieval fee on the Equipment, and Palmetto will provide a credit (to be applied to Monthly Payments under the new lease agreement) in the amount of 25% of total monthly payments made for each annual renewal term following the initial term note. |
4 | Is the homeowner eligible to apply and receive local/state/utility rebates or incentives? | Yes, the dealer can price or discount for these or the homeowner or dealer may pursue any local rebates or incentives outside of the lease agreement. |
5 | What happens if payment is late? | If payment is late for any reason, homeowners are given sensible leeway to re-link payment and bring their account up to date. |
6 | Does the Lease payment appear on the homeowner's credit? | No, the Palmetto product does not report as a debt. There is no consequence to simply seeing if a homeowner is qualified. |
7 | Alternatives to ACH? | ACH is an NTP requirement for all customers. No other payment setup methods are accepted at this time.
In the event of extenuating circumstances, Palmetto will reasonably work with a homeowner in the event that ACH payment is not possible after activation. However, customers will need to contact our CX teams directly, after activation. This should not be set as an expectation for new homeowners. |