Going solar seems like a win-win situation, but it’s not always that simple.
A lot of times, a new roof is necessary. Sometimes, the home’s electrical panel needs upgrading. These things can add anywhere from $2000-$10,000 onto the price tag of solar panel installation.
Along comes Loanpal for solar. The idea behind this company was to offer homeowners a way to finance solar home upgrades. The company connects banks, clean energy installers, and homeowners for a seamless process.
How does Loanpal work? Keep reading to find out all you need to know.
Loanpal began in 2017 as a lender for residential solar installations. The CEO, Hayes Barnard, started the business following his resignation from SolarCity. His goal is to be a leader in the booming solar market.
The company’s mission is two-fold. Expand the number of homeowners who can obtain a solar loan while keeping the default rate low enough to keep investors happy.
How Loanpal Works
Loanpal uses a mobile app to make financing available at the point of sale for large installers, retailers, and independent sellers. The average solar loan is $30,000 payable over 25 years and does not require any payment upfront.
Loanpal charges a fee from its partners and they sell the loans to banks, credit unions, and investors. Loanpal is the bridge between homeowners who want to go green and contractors trying to sell their products.
Loanpal’s zero-down financing comes with virtually instant approval for solar panels, batteries, and other sustainable home upgrades. This all happens without the normal costs associated with traditional loans.
Paying Back the Loan
Using your Loanpal login, you’ll be able to view the details of your loan after receiving your Closing Certificate with the first repayment date.
The loan gives you the benefit of using the 26% Federal Residential Tax Credit to help pay down your loan keeping your initial monthly payments low.
The loan is re-amortized after 18 months and your monthly payment will change but guarantee it’ll be paid in full by the end of the term.
Loanpal Customer Service
Loanpal has excellent customer service. There are no hidden fees or costs. You’ll be informed when payments are made out of the impound account. The process is quick and easy.
A majority of the country’s top solar providers use the Loanpal platform with their customers.
Looking for a flexible way to pay for solar panels? GoodLeap is a sustainable home solutions marketplace that enables more people to embrace a sustainable lifestyle.
Now that you know how Loanpal works, do you like the idea of being able to roll your solar loan into your mortgage? Loanpal holds residential mortgage licenses in all 50 states making it easy to roll the cost of solar into your first mortgage.
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