Credit Policy Overview
A | Credit Requirements |
|
B | Credit-Based Customer Monthly Payment Caps | Limit on Monthly Payment Customer based on credit score returned.
|
C | Credit Validity |
|
D | Credit Application Requirements |
|
Credit Based Payment Caps
Limits on Monthly Payment homeowner can have based on credit score returned:
FICO Credit Score | Monthly Max Payment |
660-674 | $255* |
675-699 | $295 |
700+ | No Monthly Max |
*Latest Update: 5/28/25
If the active quote exceeds the cap, Sales rep must reduce the monthly payment or system size to get under cap. Alternatively, if a qualified co-applicant is available, attempting to run with a co-applicant may result in a higher score.
How it Looks and Feels in the LightReach Portal (Click for Visuals)
How it Looks and Feels in the LightReach Portal (Click for Visuals)
Process A (Run Credit, Create Quote) : Sales rep on the LightReach platform runs credit, then creates a quote, they’ll see this message that lets them know pricing has been restricted due to credit application when using the quoting tool.
No Pricing Options: This error message will appear when all pricing options exceed this customer's maximum monthly payment cap. In this case the System Size or Year 1 estimated production would need to be lowered so that pricing options come in below the customers cap or an additional credit check with a co-applicant (must be spouse) can be run to see if they have a higher score.
Process B (Create Quote, Run Credit): Sales rep on the LightReach portal creates a quote, and then runs credit and the result returned is outside of the monthly cap they’ll see this message and be unable to send a quote.
How will this work on an External sales portal?:
If quote is being created in external portal (Solo, Enerflo, Aurora, etc) the available pricing options will be limited based on pricing caps, if a quote created is above the allowed cap, the sales rep will receive an error message when trying to send the contract.
Property Ownership Overview
A | Ownership Parameters & Property Types | In general: Single family, fully-owned homes (residential). This is inclusive of:
Corporations & Trusts:
|
B | Eligible Properties |
FAQ
A | Are all states a PPA? | PLM's current product suite operates virtually identically, whether it is technically a PPA or Lease. This means that the value proposition and product details are interchangeable. For legal/technical purposes, the product is technically classified as a lease in some states. View applicable states in the "Active Utilities" article in this help center.
For practical purposes, the distinction between our PPA and Lease are for state legal purposes. A PPA signifies "pay for power" whereas a Lease signifies "pay for use of equipment". Ostensible, the products amount to the same mathematics, value proposition. The only difference that may be worthy of note is how the escalator technically works:
|
B | 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. |
C | 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. |
D | How is the homeowner's credit checked? | We check both Transunion and Equifax at the same time, the highest score will be taken |
E | 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. |
G | Ground mounts permitted? | Yes. Same credit/applicant requirements apply. See eligible sites for details. |
H | 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. |
I | Maximum of 3 applications? | LightReach can accept up to 3 active credit applications at any given point.
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). |
J | 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. |
K | Credit Results: Error
|
|
L | What is the Max System Price? | The max EPC Total Payment price is $150,000, and deals sold higher are subject to stipulations and change orders. |
M | Co-Applicants allowed? | Co-applicants are permitted-- see article 2B in the sales section for requirements. |
N | Who will receive the credit application email? | The application email will be sent only to the Primary Applicant. |
O | Will Customer Receive a Cancellation Notice? | Cancellation Notifications are sent via email to the customer whenever an account is cancelled in the finance portal and has previously reached the M0 milestone. Included in the communication will be:
Projects cancelled before reaching the M0 milestone, will not receive a cancellation notice. |
P | I see DOB, is this required? | No, DOB is optional, but may help in providing favorable results. |