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Energy Backup: Prepping to Sell & Qualifications

Updated over a week ago

Palmetto Lightreach, a home electrification financing platform, has launched a consumer focused Energy Backup Plan to support the adoption of energy storage systems. Homeowners signing up for Energy Backup Plan can expect a straightforward process and consistency in their experience. When selling the plan, here are the top 5 items for your homeowners to expect:

1) Qualifying

  • 675 FICO credit requirement (Highest Score: TransUnion and Equifax)

  • No Debt-to-Income ratio required

  • Homeowner must be on title

  • Getting Approved: Credit Parameters (link needed)

2) Homeowner Web Portal Account

  • Instant sign up at point of sale

  • Instant upload and fulfillment of Notice to Proceed (NTP) requirements

  • Homeowner portal link: https://home.palmetto.com/

3) Signing & Fulfilling Requirements

  • Energy Backup contract sent via Docusign (or Web Portal Account)

  • Notice to Proceed requirements fulfilled via web portal account

  • 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.

  • Completing Notice to Proceed (M0) requirements

4) Warranty & Service

  • Full Parts and Service Labor Warranty for the length of the lease term

    + 10 year or 12 year term lengths

  • Any required service is handled by Palmetto LightReach

5) Billing

  • 30 Day billing cycles

  • First Payment Expectations: First payment due 30 days after the system is granted Permission to Operate (PTO) by the Utility

  • Billing details available via homeowner's portal

Credit Requirements

Item

Requirement

Credit Requirements

  • 675 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. Highest of both scores taken.

There are four key items required to proceed with a credit check and standard underwriting requirements. These are referred to as the Qualification.

  1. Customer info

  2. System Design

  3. Quote

  4. 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.

There are four basic steps to qualifying a homeowner and completing a new sale.

  1. Homeowner and system information is entered (via palmetto.finance)

  2. Qualifying via credit check

  3. Homeowner Web Portal Account Invite + Contract via Docusign are sent

  4. Documents signed & stipulations cleared

  5. All homeowners must create an account in order to clear stipulations​
    ​

Click here for a Step-by-Step Guide

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:

After details have been saved, the quote will prompt you to select a rate and term for their project:


5. Run Credit: Click "+ Application" 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 are not accepted in place of social and may result in an error.

  • Double check homeowner email for accuracy

  • Allow home

    owner 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.
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6. When ready, SEND the Contract

  • 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 online account.
    ​


7. Simultaneously, the homeowner is sent an ACCOUNT/APP Login Prompt via Email

  • All homeowners must create an account in order to clear stipulations

  • Homeowner portal link: https://home.palmetto.com/.

  • Account is accessible via web browser, mobile browser, or mobile app

  • Instant Account Setup via Email Invite. Subject Line: "Welcome to LightReach!"
    ​


8. Homeowner clears stipulations

  • Stipulations are cleared fastest when the homeowner completes them via their account. Steps can be found here.

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