Signing Requirements & Eligibility

Eligibility Requirements

See Loan Approval Matrix for Initial Eligibility Guide.

Loan Document Requirements

1. Credit Approval Period - Loan Agreement must be signed within 30 days of credit approval
2. Name - Borrower and Co-Borrower's names must match their IDs. 

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      • Driver's License of Borrower/Co-Borrower must be provided and should match all documentation

1. Borrower and/or Co-Borrower must be listed on the Title:  YES
2. All parties on a Title must be on the Loan Agreement: NO - only one homeowner needs to be on the loan (can be either Main or Co-Borrower).
3. Maximum number of individuals on Title: 6
4. Can someone sign on behalf of the Loan Signer: NO
5. Income Verification: Required for reported income above $125K
6. Valid Bank Information: YES

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    • Projects will not be moved to NTP without valid bank information

Loan Requirements

1. PPW (Price Per Watt) should be less than $6.50
2. Adders should be less that 15% of the total price.  See Loan Adder Criteria & Eligibility for complete list of approved adders. Note: MPU will be included in the adders that are not subject to the adder/loan price cap.
3. Ground-mounted solar systems are not eligible.
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     • Solar panels must be installed on either:
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         • The primary dwelling, or
         • A garage.
     • A garage is defined as a structurally sound building situated on a concrete foundation.
4. No other open solar loans have been taken out by Borrower or Co-Borrower

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    • If there are existing and active Solar UCC Liens and this is not an add-on system, the UCC lien must be terminated.
    • Add-On (Phase 2 systems) are permitted under certain circumstances.  See Add-On Systems / Phase 2 for eligibility and requirements.

Additional Information

• All finance documents are to be e-signed by the Borrower/Co-Borrower.
• Initial credit pull is a soft credit check. Borrower/Co-Borrower credit report will not be affected.
• Dealer's can run multiple pre-qualifying applications.
• Household income can be split or shared for Borrowers when spouses live within the same household.
• Co-Borrowers can help with high DTI and low credit scores.
• Confirm that any Life-Locks are lifted before running a credit check. (Experian is preferred if you can only unlock one.)
• Co-Borrower should understand their financial responsibility before signing. 
• Properties owned by a "Trust" are not eligible for financing through Almika.