Requirements
Solar Financing Requirements:
-
Credit Score: A minimum credit score may be required to qualify for solar financing. Typically, a credit score of 650 or higher is preferred, but some lenders may accept lower scores depending on other factors.
-
Income Verification: Lenders may request documentation to verify your income, such as recent pay stubs, tax returns, or bank statements. This helps assess your ability to repay the loan
-
Property Ownership: You must be the owner of the property where the solar system will be installed to qualify for solar financing. If you're a renter, you may need permission from the property owner to proceed.
Property Assessment: A property assessment may be conducted to evaluate the feasibility of installing solar panels. Factors such as roof condition, orientation, and shading will be considered to determine the potential energy production of the system.
Utility Bills: Lenders may request copies of your recent utility bills to estimate your current energy usage and determine the size of the solar system needed to offset -
your electricity consumption.
Solar Installation Requirements:
-
Site Assessment: Before installing solar panels, a site assessment will be conducted to evaluate the suitability of your property for solar energy generation. Factors such as roof condition, orientation, shading, and available space will be assessed to determine the optimal placement of solar panels.
Roof Stability: Your roof must be structurally sound and able to support the weight of solar panels. If your roof requires repairs or replacement, these tasks should be completed before installing solar panels to ensure the safety and integrity of the system. -
Building Permits: Depending on your location, you may need to obtain building permits or other regulatory approvals before installing solar panels. These permits ensure that the installation complies with local building codes and regulations.
-
HOA Approval: If you live in a community governed by a homeowners' association (HOA), you may need to obtain approval from the HOA before installing solar panels. Some HOAs have specific guidelines or restrictions regarding the installation of solar energy systems.
-
Grid Connection: If you choose to connect your solar system to the electrical grid, you'll need to coordinate with your utility company to ensure proper grid connection and metering. This may involve installing a bi-directional meter to track energy production and consumption.
By meeting these requirements, you can ensure a smooth and successful solar financing and installation process, allowing you to enjoy the benefits of clean, renewable energy for years to come.