Introducing Direct Pay Distributor Program with LoanPal
We are very excited to announce that Next Energy Alliance has been chosen to help roll out the new Direct Pay Distributor Program with LoanPal. We’re excited to be a part of the initial rollout of this program as it offers a great opportunity to help our distributors grow.
Loanpal and Next Energy Alliance have partnered to offer you a direct payment program that grants you access to Loanpal’s financing platform and helps open your credit lines. Through the Distributor Direct Pay program, Loanpal will pay your purchase order/ invoice directly to Next Energy Alliance once the loan is funded.
As one of the top loan providers in the solar industry, LoanPal is known for having the best in industry underwriting with 15-30% higher approvals. You’ll be able to take advantage of their tech integrated instant approvals, hyper responsive partner management team to help you grow and minimal documentation.
The requirements to get involved with this program are super simple and we’re confident that this program has the potential to really help our distributors grow even during these uncertain times.
100 installations over company lifetime
Satisfactory business credit, online reputation, business financials, and Better Business Bureau Rating
Personal credit on ownership under 500 installs during company lifetime
Cash Contract must include 2 copies of the Notice of Right to Cancel with a date of deadline filled in and Business License Number
Borrower Proposal must have compliant tax credit language, lower than a 4% utility inflation rate escalator, the month 18 re-amortization spelled out and accurate production estimates
In addition to solar panels these loans can even help finance other services and add-ons when paired with solar. For example financeable solar ready add-ons include re-roofing, trenching, rafter upgrades and much more. Additional items that can be financed when installed with solar include HVAC, LED lighting, windows and doors and more.
Here’s how it works…
After the borrower enters their information into the loan application they will receive an instant on screen underwriting decision and request and e-sign the loan documents. After that, the borrower doesn’t pay for the first ~60 days from loan funding (which typically occurs once install is complete).
The borrower pays a simple monthly payment for the first 18 months that ssumers a 26% pay down by month 18. Loan reamortizes at month 18 and the subsequent monthly payment reflects how much the borrower paid down before that date.
It’s never been easier to help your customers and grow your business all at the same time!