Credit Requirements

Item	Requirement
Credit Requirements	680 FICO (Transunion & Equifax) No Bankruptcies (7 Year Lookback) Debt-to-Income (DTI) not factored in Soft credit inquiry (no impact to credit score) Not reported as debt (it's not a loan) Bureaus: Transunion & Equifax. Palmetto uses the higher of your TransUnion and Equifax scores

Standard underwriting and credit checks require a completed Qualification, which consists of four key components:

Customer info
System Design
Quote
Credit Check

Once the Qualification details are entered into the portal, you can move on to the other standard NTP requirements. One of those is enrolling in ACH autopay, which is mandatory before any project can proceed.

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 for running credit & sending contracts via our finance portal.

1. Create the customers account

2. Ensure Customer and Property Info is correct

3. Go to the System Design tab and enter the system details

4. Ensure the System Design details and pricing are accurate + Click Save & Get Pricing

5. Run Credit: Select "Run Credit Check" and submit 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 (Individual Taxpayer Identification Number) 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

*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

1	What happens after the initial 10-year term?	At the end of the lease, customer can: Purchase the equipment Upgrade into a new lease Return the Equipment to Palmetto (subject to disposition fee) Option 1: Renew the Lease You can renew the lease: Automatically for 1-year terms (default if no response), up to 5 years. Payment during Renewal: Your monthly payment drops to 75% of the final year’s lease payment. At the end of the renewal term, you can: Not renew and buyout Option 2: Do Not Renew (Walk Away) Notify Palmetto at least 30 days before lease end. Buyout the equipment which varies by lease age: Years 10–11: Buyout = greater of 22% of total system cost or discounted remaining payments Years 11–12: Buyout = 18% of total system cost Years 12–13: Buyout = 14% Years 13+: Buyout = 10% Geothermal: End of Term and Buyout Options
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. After 60+ Days, late fees may apply. In general, there are no exceptions or grants of payment deferrals. However, Palmetto will do everything reasonably possible to work with homeowners in the event of extenuating circumstances.
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.