GoodLeap
GoodLeap is a new name for the former Dividend Finance, a well-known solar financing company. GoodLeap was founded in 2013 by Eric White, who wanted to make solar financing more accessible and affordable for homeowners. GoodLeap offers both solar loans and PPA options for homeowners who want to switch to clean energy.
Features
o Competitive rates and terms
o Fast and easy approval process
o Option to include battery storage, roofing, or home improvement projects in your financing
o Online platform to manage your payments and view your energy savings
Pros - Cons
o Pros: GoodLeap offers both solar loans and PPA options, giving homeowners more flexibility and choice in how they finance their solar system. GoodLeap also offers low interest rates, long repayment terms, no prepayment penalties, and no home equity requirement. GoodLeap provides an online platform where borrowers can manage their payments, view their energy savings, and access other resources. GoodLeap works with a large network of reputable solar installers across the country.
o Cons: GoodLeap does not offer any incentives or rebates for going solar, such as tax credits or net metering. GoodLeap also does not offer any warranties or guarantees for the solar system or its performance. GoodLeap’s loans are secured by a lien on the solar system, which means the borrower cannot sell or transfer the system without paying off the loan first. GoodLeap’s PPA may make it harder to sell or refinance the home, as the new buyer or lender may not agree to take over the contract.
Homeowners Ratings
GoodLeap’s rating scale of approval is based on the borrower’s credit score, income, debt-to-income ratio, and solar system specifications. GoodLeap requires a minimum credit score of 650 and a maximum debt-to-income ratio of 50%. GoodLeap also considers the estimated savings and performance of the solar system, as well as the installer’s reputation and experience.
