A solar-style loan is a popular loan type for financing the cost of a solar installation. Solar financing companies such as Mosaic, Loanpal, and Sunlight all offer various loan packages. Here is how to model it:
- Go to your account Database. Click on Financing Products, then Add Financing Product. Give your template a descriptive name, then click Create.
- On the next page, click Add Loan.
- Give your loan a descriptive name that you will later be able to understand.
- Enter Principal percentage.
Principal percentage should be: 100% - Down Payment%. So if the homeowner is putting no money down, this should be 100%.
- Input your 'Dealer Fee', 'Interest Rate', and the 'Duration' of the loan.
- If a prepayment will be made, check the box.
- Enter the expected prepayment amount and expected prepayment month.
- You may choose to lock your changes, so other users cannot change the parameters you have chosen.
- Click OK.