Aurora models a wide range of solar loan structures so your proposals accurately reflect the payment options you offer.
Note: Tax credit eligibility (ITC) and loan interest deductibility vary by homeowner. Always recommend that homeowners consult a tax professional.
In this article, we’ll cover:
Shared loan parameters
All loan types in Aurora share the following configuration fields:
- Partner assignment — Controls which partners can see and use this loan. Defaults to All partners.
- Name — The label that appears in Sales Mode. Use a name that helps reps identify the lender and terms at a glance.
- Principal — The percentage of the system cost financed by this loan. Set to 100% for no-money-down loans. For split-loan structures, the two loans should together add up to 100%.
- Flat fee — A fixed dollar amount added to the loan principal on top of any percentage dealer fee.
- Dealer fee — The percentage the lender charges as a fee, built into the loan principal. See Loan Dealer Fee for the exact formula.
- Incentives apply to dealer fee — When enabled, incentives (such as the federal ITC) are calculated on the dealer-fee-inclusive system cost.
- Interest is tax deductible — Enable for HELOC or PACE loans where interest can be deducted from taxable income. Not common for standard residential solar loans.
- Interest rate — The annual rate provided by the lender. Aurora converts this to a monthly rate for payment calculations.
- Duration — The loan term in months (e.g., 25 years = 300 months).
Loan types
Aurora offers seven loan types. The right choice depends on how your lender structures payments:
- Solar-Style — No payment for at least the first month, with constant payments for the duration of the pay period and an expected ITC buydown. Use for Mosaic, Sunlight Financial, GoodLeap, and Dividend.
- Mortgage-Style — Regular loan with fixed monthly interest and principal payments. Similar to a car loan or home mortgage.
- Bullet — Payoff of interest and principal as a single lump sum at the end of the loan term. Commonly used as the ITC component in split-loan structures.
- Interest Only — Two-term loan: interest-only payments in the first term, then regular mortgage-style payments in the second.
- No Payment — Two-term loan: no payments at all during the first term (interest accrues), then regular mortgage-style payments in the second.
- Mortgage-Style w/ Incentive Paydown — A single combined loan: a Mortgage-Style loan plus an auto-calculated 0%-interest Bullet loan equal to the project incentives.
- Graduated payment (escalating) — Payments increase by a fixed percentage each year rather than staying constant.
Choosing a loan type by lender
Mosaic, Sunlight Financial, GoodLeap, Dividend → Solar-Style
Sunnova → Mortgage-Style w/ Incentive Paydown
If your lender is not listed, contact the Aurora support team and we can advise on the right structure.