Frequently Asked Questions

Other Home Improvement Projects

Roofing

Other Projects

Solar Financing

Yes, you will still receive an Electric bill. However, your bill from PG&E will only be $9.00-$11.00 per month for an interconnection fee because you are still connected to PG&E in order to pull power from the grid. most of our customers will still pay a vastly reduced Electricity Bill (30-50% lower) to their Utility in addition to their fixed monthly loan payment to Loanpal. Typically, homeowners consume more electricity than the solar system generates, therefore, you will still owe your utility for that excess consumption. However, if the solar system generates more electricity than you use, you may be eligible for credits from your Utility Provider.

Will I still have an Electricity Bill from my Utility after going solar?
 

How does the Federal Investment Tax Credit (ITC) work?

The ITC in 2020 is a 26% federal tax credit for solar systems on residential properties. As the owner of the solar energy system, you are eligible to apply the credit as a dollar-for-dollar reduction in the federal income taxes that you owe in the year that you purchased your solar system. If the ITC granted for your solar system is greater than your tax liabilities in the year that you purchased your solar energy system, you may be able to apply the remaining ITC in the subsequent year. To determine your eligibility for any federal solar investment tax credit, you should make an independent assessment or consult with your tax advisor.

The loan is structured to give you the benefit of paying down the 26% Federal Investment Tax Credit into your loan, so that your initial monthly payments are kept low. After month 18, your loan will re-amortize, and your new monthly payment will be adjusted so your loan is fully repaid by the end of your term. There are 3 scenarios for your new monthly payment:

If you pay down your loan 26% by month 18, your monthly payment will remain approximately the same throughout the life of your loan.

If you do not pay down your loan 26% by month 18, your new monthly payment will be higher than your initial monthly payment.

If you pay down your loan by more than 26% by month 18, your new monthly payment will be less than your initial monthly payment.

How exactly are my loan payments structured?
 

When is my first payment due?

Your first payment date is indicated in your Closing Certificate. To have us resend your Closing Certificate, please email us at closingcertificates@loanpal.com. Or, you can review all your loan details on your Portal.

How do I make a payment on my loan?

If you are paying by check, please include your Loan Agreement Number on your check and mail it to Loanpal, PO BOX 4387, Portland, OR 97208.

If you have set up your payments to be made by ACH, your account will be withdrawn monthly for the exact amount of your solar loan payment.

How do I enroll in ACH?

You can be enrolled in ACH when Kristian signs you up, however `if you wanted to enroll after signing up please enter your Loanpal Portal and follow the instructions on the ACH tab.

How do I enroll in ACH?

No, Loanpal does not assess any fee or penalty for prepayments. At any point during the loan term, you can put as much as you want towards the principal and bypass the interest completely. 

When does interest begin to accrue on my loan?

Interest begins accruing from the date that Loanpal funds your loan.

Once approved for credit, how long is it valid?

Our credit approval is valid for 180 days from when we initially run your credit. Your loan must fund within 180 days of running your credit, or we will simply need to revalidate your credit.

Home Sale/Refinancing 

What is a UCC-1 financing statement and is it a lien on my home?

We secure your Solar Loan through a lien on the solar equipment itself by filing a UCC-1, or Uniform Commercial Code Financing Statement, and county fixture filing. The filings are not a lien against your home, so we do not hold any formal position in your home (first, second, or otherwise). You will, however, find a UCC-1 fixture filing on the title of your property. We file UCC-1 and county fixture filings to protect our rights as the financier of the system. If for whatever reason your mortgage on the real property forecloses on your home, the UCC-1 filing protects our security interest in the system, while preventing your mortgage lender from taking ownership of it.

If you have any questions about the UCC-1 or county fixture filings, please contact us at solarinfo@loanpal.com

I want to sell my home. What do I do about my Loanpal loan?

You have two options:

In the vast majority of cases, homeowners choose to pay off the remaining balance of the Loanpal loan through the sale of their home.

However, if the new homeowner wishes to assume the loan, he/she must apply to qualify for a Loanpal loan. If the new homeowner is approved, then he/she assumes full responsibility of the loan. If he/she is not approved, then you must pay off the remaining balance of the Loanpal loan.

What are the benefits to rolling my solar loan into my mortgage?

Through our Mortgage Division, we can offer you a very competitive interest rates on your mortgage. Because mortgage interest is tax deductible, most of our customers can see significant savings by refinancing and paying off their solar loans with their mortgage. To understand the benefits of rolling your solar loan into your mortgage, please call one of our specialists at: 844-562-6725 or visit us at www.loanpal.com

What happens to the UCC-1 during a refinance?

We may agree to lift our UCC-1 and county fixture filing on the Solar Equipment for a limited period provided we will be able to refile upon closing of the mortgage refinancing.

Solar Products

What type of solar panels do you offer?

As brokers we have access to any panel in the market so if you have a preference please let Kristian know which brand you like and he will get ten for you. Otherwise, the base model we use are Bloomberg Tier 1 rated Black on Black panels carrying our 25 year warranty. We also have access to American made panels such as Silfab out of Canada or Solaria out of Fremont, CA.  

What type of inverters do you use? String? Micro?

- include image of micro vs string, explain power optimizers, link to emf lady

NEM

Moving

Roof Change 

warranty

MCE

Delivery Charge 

What will my bill look like after going solar

Solar

 

What happens to the UCC-1 during a refinance?

Do I have to be worried about radiation from your products?

Linke EMF lady info 

What kind of racking system do you use?

- Link them to installation specifics and types of roof we install on 

Do you offer ground mounts?

- Link them to installation specifics and types of roof we install on 

What type of panels do you use?

- Hyperlink solarias, B)B tier one

What type of inverters do you use?

Do you use micro inverteres?

Is there radiation from your products?

- Link the emf lady info 

What kind of racking system do you use?

- Link them to installation specifics and types of roof we install on 

Do you offer ground mount options?

How long do the panels last 

- degredation, warranty link warranty info, tal about not spinning on roofs,

 

Batterys

What type 

how do they work 

how much are they = link quote option 

Can I go completely off the grid?

Solar Installation

How long does the process take?

Who handles permitting, design, etc?

Can you install in HOA?

- link to HOA blog, rossmoor, jenny lee, state basic requirements

Can you do commerical solar?

What other states can you install in?

CA, UT, AZ, CO, IL, TX, MO , FL

What if I don't want the panels to be showing from the front of my home ?

- Linke Lucy Testimonial

Which Types Of Panels Do You Use?

We work with multiple different panels but stand behind Bloomberg Tier-1 Rated Panels.
We offer various wattages but a personal favorite is the Solaria Panel - US-Made, Sleek, Best Efficiency. 
If you have any preference for a panel we can provide you with that panel option.

Who Handles The Permits, Inspections, Etc.?

We handle everything with the project soup to nuts. The only thing you do is start paying a lower energy bill. We come out for the site survey, we go over the design with you, we handle all the permits, we arrange the city inspector and interconnection. We handle it all.

How Many People Have You Worked With In The Area?

We do over 50 jobs in our Walnut Creek office each month and 62 last month. We have 100+ jobs in the Walnut Creek & surrounding areas. Check out our installation map for closer details.