Loan Payments (Including Interest Only Payments)

Payments can start on the 5th or the 16th of the following month, 30 days from when the homeowner signs loan documents. The first 6 monthly payments are interest-only and based on the loan balance at the time of billing. Once it has been fully funded, it will be based on the full balance of the loan. To give a rough example of how this would work for a $50,000 dollar Solar Loan:

***Remember that this is a rough example (with auto pay selected) and would not be the exact same for the client. "i/o" = interest only***

Loan amount - $50,000

Closing Costs - $1000

Funded amount: $1000

Month 1 i/o: $6.30

Month 2 i/o: $6.30

First Draw of $25,000 (Now the new funded balance would be around $25,989)

Month 3 i/o: $163.73

Month 4 i/o: $163.73

Project complete and Final draw of $25,000 (Now the new funded balance is around $50,661 after payments so far)

Month 5 i/o: $319.16

Month 6 i/o: $319.16

Month 7: Regular monthly principal and interest payments of $358.72 begin.

***Remember that this is a rough example (with auto pay selected) and would not be the exact same for the client***

If there is no funding completed until a completed install/PTO, the 6-months of interest-only payments will still apply starting 30 days after the customer signs the loan documents, however the payments will only be based on the funded balance (only the closing costs until some funding has been completed).