Palmetto Installer Guides

General Funding Information

Updated over a week ago

Details & Timing

Timing:	Milestone funding: Twice a week Processing cut off: Mon 2:31AM - Weds 2:30 AM ET Thurs Payment Weds 2:31AM - Mon 2:30 AM ET Tues Payment Funding Date: Tuesdays/Thursdays Disbursed via ACH: Timing may vary based on bank Alternative funding days in case of bank holidays will be published in advance depending on schedule.
Documents Required:	W9 Bank Payment Authorization form These documents are submitted during initial onboarding
Clawback:	LightReach reserves the right to cancel files which do not achieve NTP-to-Installation (M1) after 160 days, and claw back funds for files which do not achieve Installation-to-Activation Approved (M2) after 115 days. This is actively enforced. Any prepaid (prior to installation) commissions may be netted out against M1 or M2 payments in the event of customer cancellations. Clawback Extension Requests may be submitted via support chat if specific requirements are met (See section B for details) LightReach reserves the right to withhold or claw back funds to offset against egregious or intentional malpractice found with installations or sales.
DirectPay Net Fund:	Installers have 14 days from the the distributors shipment date to complete installation and submit the LightReach Milestone (M1) packet. If an invoice "receipt date" is after the distributor enters the initial shipment date, we will use the later date between the two for the 14 day timeline (if different). The finalized invoice must be received prior to the material clawback posting to the account on the 14th day from the initial shipment date. The material net fund will trigger on the 14th day at 8:00am EST. Projects must have the M1 packet submitted before the material transaction is posted to the account. Once the material net fund has been triggered on the account we can not make adjustments and the transaction will batch with the next funding cycle. These account timelines can be monitored on the Clawback and Net-Fund Risk Dashboard (Accounting Admin access needed)
Questions & Contact:	Primary Contact: Your LightReach Relationship Manager Authorized organization personnel with Accounting Admin access can submit questions to our Tier 2 support team via our chat support feature by following the prompts under 'Installer Admins: Org Settings' Click for Visual

Key Definitions

Clawbacks	Funds that an EPC is entitled to BUT that have been subtracted from their milestone payment because of a failure to achieve a milestone in a timely fashion (examples found below)
Net Funds/Offset	Funds that that EPC is NOT entitled to AND that have been subtracted from their milestone payment (examples found below) Contractually in the EPC Agreement this is called an “offset”
Clawback to Net Fund	Applicable to equipment that Palmetto purchases on behalf of the EPC via “Direct Pay” EPC is NOT entitled to the amount of funds that LightReach paid for Materials as they received the equipment

Example Funding Scenarios

Type of Milestone Reduction	Reduction	Definition
Clawback	M1 Funding Clawback	Contractually, once a project has been paid the Install (M1) funding milestone it has a 115 day “shot clock” to reach Activation Approved. Note: We do not have a “payment date” in the LR system so the backend logic will net fund based on the Install M1 milestone date (Install Submitted or Install Approved). Because of this the net fund “shot clock” logic will have a 5 day buffer and be driven off of 120 days.
Clawback to Net Fund	Compliance Case *If the project has an active administrative stip or compliance case, please have the EPC upload requested supporting documents to Ops Specialists via live chat support or via the finance portal.	LightReach reserves the right to claw back funds to offset against egregious or intentional malpractice found with installations or sales
Clawback to Net Fund	CED Materials - Install Submitted (Direct Pay)	An EPC has 14 days from *Equipment Ship Date* to submit the *Install Milestone.* If they fail to achieve this submittal in time the CED equipment invoice amount will be offset from other project milestone amounts owed. The 14 day timeline resets if an invoice is received after a shipment confirmation based on the "receipt date".
Clawback to Net Fund	CED Materials - Install Approved (Direct Pay)	An EPC has 30 days from Install Submitted to achieve *Install Approved*, if they fail to achieve this in time the CED equipment invoice will be offset from other project milestone amounts owed
Net Fund/Offset	Inverter Tesla Warranty	If a project is sold with a Tesla Inverter *1538000-45-x and* *1538000-xx-y*, Palmetto will offset $600 from the EPC at the Install (M1) funding
Net Fund/Offset	SolarEdge Inverter Extended Warranty	If a project is sold with a SE Inverter, Palmetto will offset the cost from the EPC at the Install (M1) funding for having to register the warranty on behalf of the EPC. The cost depends on the inverter model. See SE's warranty extension price list here warranty-extension-pricelist-na.pdf
Net Fund/Offset	Project Cancellation	If a project is cancelled after a milestone payment has been made to an EPC partner or a material vendor (direct pay vendor), Palmetto LightReach will deduct that amount from the installer's future milestone payment.