Homeowners signing up for an Energy Plan can expect a straightforward process and consistency in their experience. As a Certified Installer selling an Energy Plan, here are the top 5 items for your homeowners to expect.
1) Qualifying
650 FICO credit requirement (No DTI)
Homeowner must be on title
Home is an approved type (in general, single family, fully owned. Installer responsible for affirming site eligibility)
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
Simple Energy Plan contract sent via Docusign (or Web Portal Account)
NTP Requirements fulfilled via web portal account, including secure ID
ACH banking information is required on all sales (NTP requirement - Link)
4) Performance Guarantee with Protect
Includes 25 year, 90% Performance Guarantee* (*unless prohibited by state) as part of our most robust Protect package
3 Year True Ups, if necessary
5) Billing
First bill: Comes 30 days after PTO or 15 Days after Activation M2 Approved, whichever date is later
General talk track guidance: "First bill is typically due around 20-30 days after the system is activated."
30 Day billing cycles, with 15 day payment terms
Billing details available via homeowner's portal
Billing Example A | Billing Example B |
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In Example A:
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| Question | Answer |
1 | Why do homeowners have to link their ACH/bank account? | This ensures secure payment information on all accounts. ACH is needed at the point of sale, as it is an NTP milestone requirement for Certified Installers. |
2 | 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. |
3 | Lien Filings/UCC-1? | PLM files a UCC-1 fixture (lien on the equipment, but not the home itself) on all systems. This is to ensure our stake in the equipment, and is standard among industry financiers.
Homeowners going through a refinance or mortgage process may have a loan officer come across the UCC-1 Lien across the solar equipment and may, incorrectly, deem that the loan is an attachment to the residence. However, it is not and should not prevent refinance. It is important to note that in many cases this is quite literally a matter of knowledge/conceptual understanding on the side of the mortgage officer.
The UCC-1 lien is only a lien on the solar equipment-- it is the solar financier's stake in the equipment. |
4 | How are true-ups completed? What if my homeowner over-produces vs estimate? | If necessary, 3-year production true ups are completed via bill credit.
Overproduce? Great! There is no penalty for overproducing. However, overproduction is 'banked' against any potential future-underproduction. |
5 | What happens if my customer has down time? | If necessary, 3-year production true ups are completed via bill credit. Temporary outages such as from storms, maintenance, etc. are ultimately factored in at this juncture.
Should an extended outage occur, LightReach will work with homeowners, if necessary, on shorter term true ups in extreme circumstances. However, in most cases, any 'lost' production due to down time will simply be accounted for in routine true ups, if necessary.
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6 | Homeowner first bill? | In most instances*, first bill will come approx. 30 days after activation.
Homeowner's first bill comes due 30 days after PTO or 15 Days after Activation M2 Approved, whichever date is later
In general, setting expectations that a first payment will come due approximately 30 days after PTO is an appropriate way to set expectations.
However, this assumes that the installer submits for Activation M2 Approval to LightReach in a reasonably timely manner. In the event of a severe Activation M2 Submission delay by the installer, it is technically possible for the customer to receive a delayed first bill beyond the usual ~30 day timeframe after PTO. |
7 | Does the Lease/PPA payment appear on the homeowner's credit? | No, the LightReach product does not report as a debt. There is no consequence to simply seeing if a homeowner is qualified. |
8 | Critter guards? | Critter guards are recommended for any homes with obvious risk of critter activity. Certified Installers should use best judgement to proactively install if/where it is an issue or at the request of the homeowner. |
9 | Alternates to ACH? | ACH is an NTP (M0) requirement for all customers. No other payment setup methods are accepted at this time.
After activation, in the event of extenuating circumstance for a customer, LightReach will reasonably work with a homeowner in the event that ACH payment is not physically possible. However, such scenarios are applicable only in extenuating circumstance and should not be set as an expectation for new homeowners.
In such scenarios, homeowners may void their $15 monthly discount, which is automatically baked in to their payment as outlined in the contract. |
10 | Power of Attorney? | LightReach does not accept customer's who are signing on behalf of a family member based on Power of Attorney.
Homeowners wishing to go solar must fully qualify status quo, independent of any sort of unique POA/Caretaker relationship. |