GoodLeap: A Guide to Solar Financing Options

GoodLeap offers a range of solar financing options to make it easier for homeowners to go solar.

Their Power Purchase Agreements (PPAs) allow homeowners to purchase solar energy at a fixed rate, often lower than their current utility bills. This can lead to significant savings over time.

GoodLeap's PPAs are typically 15-20 years, giving homeowners a long-term fixed rate and predictable energy costs. This can provide peace of mind and help budget for energy expenses.

GoodLeap also offers Property Assessed Clean Energy (PACE) financing, which allows homeowners to finance solar panel installation through a special property tax assessment. This can be a great option for homeowners who want to upgrade to solar but need help with upfront costs.

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GoodLeap is a platform that enables homeowners to access affordable solar energy through financing options.

The company partners with solar installers to offer a range of financing solutions, including leases and power purchase agreements.

This partnership allows GoodLeap to provide homeowners with a seamless experience, from initial consultation to installation and maintenance.

Homeowners can choose from a variety of financing options that fit their budget and financial goals.

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GoodLeap loans are structured in a way that's convenient for homeowners, allowing you to make monthly payments and apply for the federal solar tax credit during the initial period.

The loan is designed to help you save on your payments by using the tax credit to pay down the loan. This means you can keep your payments about the same for the remainder of the loan term.

If you don't pay down at least 30% of the loan, your payment will likely increase. This is because the loan is structured to take advantage of the tax credit, but it's not a guarantee that your payments will stay the same.

Most solar-specific loans are structured similarly to GoodLeap loans, so you might find that other loan offerings have different setups.

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Most homeowners in good financial standing will generally qualify for a GoodLeap loan. You can use GoodLeap financing on a single-family home, townhouse, or condo, so long as you own the roof.

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GoodLeap will only lend for projects installed on a residential, owner-occupied property. This means you can't use GoodLeap financing on an investment property or a business.

To qualify, your property must meet specific requirements. You don't need to live at the home, but it does have to be your primary residence.

You can use a co-signer, and they don't need to live at the home or be related to you. GoodLeap will use the highest credit score between you and your co-signer.

Your credit score will impact your APR, dealer fee, and how much you can borrow. Here's a breakdown of the credit score needed for different loan amounts:

GoodLeap is one of the most popular solar financing companies used by installers.

GoodLeap loans can be used for solar panels and batteries, making them a convenient option for homeowners seeking a hybrid solar system.

Most solar-specific loans, including GoodLeap, are structured to allow homeowners to make monthly payments and apply for the federal solar tax credit, which can help reduce payments.

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GoodLeap loans usually have interest rates between 5% and 9% with dealer fees.

You can expect to pay dealer fees ranging from 20% to over 35% of your loan's principal, which can add up quickly.

GoodLeap offers three types of solar loans: standard installment loans, Flexpay loans, and Go Green Refi options.

Here's a brief overview of each:

Keep in mind that the exact terms and fees will depend on the type of loan you choose and your individual situation.

It's essential to carefully review the fine print and understand any amortization schedules and payment expectations before committing to a GoodLeap loan.

GoodLeap competes with other solar financing companies, so it's crucial to compare options and choose the one that best fits your financial needs.

GoodLeap offers three types of solar loans: standard installment loans, Flexpay loans, and Go Green Refi options.

You can choose from loan terms between 7 and 25 years, which can be a big help in planning your budget.

GoodLeap loans usually have interest rates between 5% and 9% with dealer fees, although APRs can be as low as 1.99% without a dealer fee.

The standard installment option is the most basic loan offered by GoodLeap, with a re-amortization period after 18 months.

During this period, your monthly payments could increase, stay the same, or decrease, depending on how much you've paid off.

Here's a breakdown of what might happen during the re-amortization period:

Dealer fees can add anywhere from 20% to over 35% to your loan's principal, but they can help keep APRs low.

GoodLeap's commitment to customer experience is evident in its approach to helping homeowners finance solar panel installations. They offer a range of financing options to fit different budgets and needs.

By providing a dedicated customer support team, GoodLeap ensures that homeowners have a smooth and hassle-free experience throughout the process. This team is available to answer questions and address concerns.

GoodLeap's customer-centric approach is reflected in its ability to provide personalized financing plans, taking into account the homeowner's specific financial situation. This approach has led to a high customer satisfaction rate among those who have worked with the company.

The company's online platform allows homeowners to easily track their progress and stay up-to-date on their financing options. This level of transparency and communication helps build trust with customers.

GoodLeap's partnerships with solar panel installation companies enable homeowners to receive a free solar panel installation consultation, further streamlining the process.

GoodLeap's investment opportunities have been marred by controversy.

Dozens of lawsuits and arbitration cases are ongoing, with customers alleging they were misled about loan terms or signed up for loans without their knowledge.

The Minnesota Attorney General filed a lawsuit against GoodLeap and three other lending companies on March 8, 2024, alleging violations of state laws against deceptive trade practices and high interest rates.

GoodLeap's reputation is a mixed bag, with many customers reporting positive experiences, but also some common issues that are worth being aware of.

The company generally gets positive feedback, especially when loans are straightforward and payments are made on time.

Customer service seems to be generally okay, and review scores are more positive than many competitors.

However, many negative reviews seem to be outside of GoodLeap's control, often due to customers not fully understanding the deal they're signing up for.

Some people complain of payments only going to interest and not to principal, but this is a common issue with all loan types, not just GoodLeap's.

Other complaints include elderly parents signing loan deals they didn't understand and being signed up for loans they didn't agree to.

In some cases, customers may run into issues if their solar system stops producing electricity, and they're stuck with an installer that went out of business or isn't responsive.

It's essential to triple-check the fine print before signing and consider negotiating a stop in payments if your solar system isn't producing.

The home solar lender in question has received a massive $800 million investment, marking a significant milestone in the industry. This investment is expected to further accelerate the growth of home solar financing.

The lender's business model has been a key factor in its success, allowing homeowners to purchase solar panels with little to no upfront costs. Homeowners can now afford to go solar, even with limited budgets.

According to industry estimates, the home solar market is projected to continue growing at a rapid pace, with a compound annual growth rate of 20% over the next five years. This growth is driven by increasing demand for renewable energy and declining solar panel costs.

The investment is also expected to enable the lender to expand its reach and offer its services to more homeowners, potentially reaching up to 10 million households in the next decade.

As of 2024, dozens of litigation and arbitration cases are in process in which GoodLeap customers have alleged they were tricked into taking out onerous loans.

These customers claim they were misled about the terms of the loans or were signed up for a loan without their knowledge. The Minnesota Attorney General filed suit against GoodLeap and three other lending companies on March 8, 2024.

The lawsuit alleges the lenders violated Minnesota state laws against deceptive trade practices, deceptive lending, and illegally high rates of interest.

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