What is Sunlight’s Policy for ACH / Automated Payments? 

Sunlight offers borrowers the option to conveniently make their monthly payments through an automated payment system (Automated Clearing House).

• If the borrower opts in to automated payments, the borrower will benefit from a 0.50% discount on their APR; this lower APR will also reflect a lower monthly payment. 
• If the borrower chooses to pay by an alternate method or does not provide the required banking information by the time the system is installed, the borrower’s APR will be 0.50% higher, resulting in a higher monthly payment. *

*The 0.50% higher APR does not apply to Home Improvement, Solar + Roof, Battery Only or Solar Shingle loans. 

Quoting Customers with ACH and Non-ACH Pricing 

Customers can be quoted on the ACH and Non-ACH pricing using the toggle in the payment calculator in the Orange® portal. If you click “Yes” under Pay by ACH you will be quoting the discounted APR pricing and if you click “No” you will be quoting the non-discounted APR (0.50% APR increase).

How Does the Borrower Opt-in to Automated Payments?

Borrowers will have a few opportunities to set up their automated payments. 

Before the System is Installed

1. During Loan Document Signing 

If the borrower would like to set up automated payments, the borrower can set that up at the point of sale by following these steps:

a. Choosing Option One in the Payment Election Form. 

b. Filling in the bank name, routing, and account number. * 

*If the borrower does not have the required banking information available, the borrower should still choose option one and leave this information blank. Sunlight will follow up by email to assist the borrower with completing this step.

2. Securely Upload a Voided Check

If the borrower opted in during the loan agreement signing but did not provide the required banking information, Sunlight will email the borrower weekly until the system is installed. This email will give the borrower an option to upload a copy of a voided check. The borrower can simply click the button in the email and follow the on-screen instructions to upload the voided check directly through Sunlight’s secure portal. 

3. Call in to the Support Team

If the borrower opted out of ACH during signing or opted in and did not provide valid banking information, the borrower can then call into the support line at (888) 850-3359, select option 1, and then provide the required banking information directly to a Sunlight representative. This option is only available until the system has been installed. *Borrowers must call into the support line and speak directly to a Sunlight support specialist

After the System is Installed

If the borrower does not provide the required banking information by the time the system has been installed, then the borrower may or may not be able to work with their lender (credit union or banking partner) directly to receive the discounted ACH pricing after setting up automated payments. Any decision to adjust the APR will be at the lender’s sole discretion. For this reason, please encourage borrowers to provide the required banking information to Sunlight before Installation. We will support this by providing reminder emails if the borrower opted in and our support team will be available by phone 7 days a week to collect the borrowers’ banking information.

What if the borrower wants to pay by automated payments but doesn’t have banking information available during signing? 

No problem! Sunlight aims to make going solar as easy as possible, so we will allow borrowers to opt into ACH and leave the required banking information blank at the time of signing. If the borrower opts in during signing and does not provide the required banking information, we will contact the borrower weekly by email with an option to upload the required banking information securely. If the borrower does not set up the ACH account by the time the system is installed, we will assume the borrower prefers manual payments, and the borrower’s monthly payments will reflect a 0.50% higher APR. 

Example of how to explain this process at loan signing: 

“Don’t have your banking info right now? No problem! If you plan to pay by automated payments and want to receive the discounted pricing, then you can choose option one in the payment election form now. Sunlight will remind you by email to help you to submit your banking information securely. You can also call their support team to provide this directly by using this number – (888) 850-3359”

*Sunlight’s Support Phone number is on the first page of the loan agreement.  

FAQ

What about borrower accounts created before December 11^th, 2019?

Any customer accounts created before December 11th will be grandfathered into the previous payment structure and will generate the previous loan agreement. If these accounts require a change order on or after December 11th, they will not be impacted by the new ACH pricing.

Can automated payments be set up on a credit card?

Automated payments can only be set up with a checking account. If a customer wants to pay by credit card or some other method, the customer will not be eligible for the 0.50% discount on their APR. 

What are the benefits of setting up automated payments (ACH Account)?

To help you develop the best relationship with your customers and make sure they have a great experience, we recommend encouraging your customers to set up an ACH account. Here are a few reasons why: 

• The borrower will receive a 0.50% discount on their APR and a lower monthly payment, which means they’ll have a greater financial benefit going solar! 
• They will not have to worry about making their payments on time and will not risk having a late payment. Making a late payment on a loan can hurt the customer's FICO score, impact their credit history and ultimately lead to a poor customer experience. Encourage your customers to set up ACH at the point of signing to have the easiest experience going solar.