Though our network of alliance lending partners Bliss Solar, LLC provides project funding for residential solar projects, battery storage and additional home improvements such as roof repair or upgrades. In most cases we offer no money down financing contingent on the customer’s credit. Traditional lending customers with a minimum FICO credit score of (650) and income verification can take advantage of hassle free fast secure online credit approval within minutes. Customers with a FICO credit score of (750) or more may qualify for large scale project finance upwards of $75,000 dollars.
Customers with verifiable income and a minimum FICO score of (550) are considered high-risk, but may qualify for project financing with a maximum project size of $20,000. Specific credit criteria must be met for this type of lending. Talk with a Bliss Solar representative to learn more about this option.
Even when a customer has great credit lenders still consider various parameters such as debt service coverage ratios. Basically, this takes into account balances with existing credit cards, mortgages and personal loans. Sometimes adding more debt may not be plausible and the bank can reduce or decline a request. On a positive note, if the applicant has a co-applicant/co-signer such as a spouse or family member living within the physical project residence this may help the approval process by leveraging the credit and income of the co-signer.
Required documents for lender underwriting will include proof of income, proof of property ownership, and in some cases tax returns and other documentation may be required. In the case of investment properties, proof of incorporation or entity documents will be necessary. Properties held in trust also require additional paperwork.
Important note for investment properties concerning Federal ITC tax incentives, the property owner must reside in the home at least (9) months of the year and provide documented proof.
Snap Shot Overview
Power Purchase Agreement: Known as (PPA) the (power purchaser) must qualify on basic underwriting criteria conducted by the investment firm that will own the system. This is typically underwritten and analyzed by the of the off-taker (investment firm). The process is not usually lengthy depending on various credit criteria. Using one example, how the (power purchaser) handles it current utility payments can be of importance.
Project Finance Loan: In this financing structure, the owner of the facility is also the owner of the solar PV system and the solar system is built and the non-tax equity portion of the total project is financed by a solar finance firm. These firms will do an in depth underwriting analysis of the facility/solar system owner to ensure that there will not be any default in payments over the long term.
Operating Lease: Similar to the above, the leasing firm providing the project funds and utilizing the tax benefits will underwrite the facility/solar system owner in detail and do full due diligence on the company to ensure of there will not be payment defaults in the future during the tenure of the lease.
Channel Partners and PV Installers who have a solar project above (500KW) that need assistance to develop and/or finance projects, Bliss Solar, LLC can provide the required project development from design/engineering, permitting and interconnection and construction. Optionally, we can assist in project analysis and financing structuring with our network of financial partners to get your project completed.