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Our Main Goal is to Save Customer From Paying Convinience Fee of 15% to 36% utilising Traditional Solar Financing!

Traditional Solar Finance Companies Such as Sunlight Financial, Loan Pal AKA Good Leap, Green Sky, Enerbank, and others will charge their dealers fees of 15% to 36% for offering their financing to their customers. These dealers can not afford to cover those fees as the solar industry's competitive level dictates per watt prices offered to customers. So at the end of the day, the customer gets hit with a huge fee, ROI is extended for few more years and overall economical sense is down to the drain!

"Save First Pay Later Solar Program"

The process is simple, straightforward, and transparent. "Save Now Pay Later" can be a smart way to access future home's increased value, without taking out another loan. Think of it as a time machine for your home value, helping you fund your present, without the added stress of monthly payments and interest for 10 years! Access up to 30% or $400,000 of your home value to accomplish your financial goals, whether it's paying off debt, growing your business, paying off school loans, adding to your retirement savings, or buying a second property.

Find out if "Save First Pay Later Solar Program" is right for you.

Take our 5-minute quiz to see if a home equity investment is a good fit for you.

CLICK HERE TO SEE IF YOU QUALIFY

Frequently Asked Questions

THE BASICS
So what exactly does "Save Now Pay Later" program do?

SNPL Program is a way for homeowners to be paid today for the financial value they’ve accumulated in their property — without getting a loan. We invest alongside homeowners, providing cash today and participating in the proceeds at the time of settlement or sale.

What's the difference between "Save Now Pay Later" Program and a loan?

Unlike a lender, we receive no monthly payments or guaranteed return on the money we’ve invested. For some, taking an equity investment can be an intelligent way to fund the opportunities and needs that come up in life while eliminating the “debt stress” of increased monthly payments.

Who can use "Save Now Pay Later" Program?

Because there are a lot of factors that go into determining if the program can make an Investment in a property, there isn’t a black-and-white list of criteria. Each property is evaluated independently. That’s why we suggest you start with the Fit Quiz and then complete an Investment Estimate so that our Investment Managers have the information they need to speak with you about your specific scenario. Here are some of the qualities that tend to make for a good fit:

Your single-family home or condo is located in a state in which we’re currently operational
You have a credit score above 500 (though we don’t have a FICO credit score requirement)
You have a minimum of 25% equity in your home
The investment amount you’re looking for is under 30% of your total home value or under $400,000 (this is the maximum amount that we can invest, and it will depend on home value and equity percentage, as well)

How long do I have to settle a "Save Now Pay Later" program-Investment?

The term of a Save Now Pay Later” program is 10 years. You can either buy out our Investment with savings, take out a home equity (or other) loan, or sell your home during the term. We call this settling the Investment.

What is the process for getting a "Save Now Pay Later" Program-Investment?

Getting a “Save Now Pay Later” Program involves a few simple steps:

  1. Complete an Investment Inquiry Create an account and submit an Investment Inquiry through this website.
  2. Speak with your Investment Manager If we think an Investment might be possible, we’ll send you an Investment Estimate, which includes estimated terms specific to your property. Your “Save Now Pay Later” Program Manager will set up a call with you to walk through the numbers and answer any questions you may have about the application process.
  3. Submit your application Once you’ve uploaded or scanned your documents to your computer, grab a cup of coffee and get started – this Application shouldn’t take more than 20 minutes.
  4. Closing Before we can prepare the final Investment Details, we’ll schedule a physical appraisal of your property using a third-party appraiser. Once the appraisal is complete and the Investment Details are finalized, we can sign the documents and begin the transfer of funds!
What are the fees associated with closing "Save Now Pay Later" Program?

There is a charge fee equal to 3% of the Investment amount for arranging and funding the Investment. There are no other fees, however, the appraisal and other third-party costs associated with the signing (i.e.: escrow, attorney/notary, and document recording) are deducted from the Investment amount when you get your money. So that there are no hidden fees or surprises, we provide a detailed estimate after you submit an application, including all of the final costs of obtaining the Investment.

See some examples of common third-party costs in the table below. Please note that these fees are for informational purposes only, and final costs are subject to change based on your state or county.

  • Full appraisal. A third-party home appraisal is needed to determine the market value of your home. This fee may be waived if the owner can provide proof of an appraisal conducted that is less than three months old.Cost: $599 ($800 in Oregon)
  • Title ChargesPart of the signing costs you pay to facilitate the Investment including attorney/notary costs, settlement fees, and property report production.Cost: $700-$800
  • Government Recording & Transfer ChargesThese include filing fees and will vary by state and county.Cost: $370-$1,000
In what states is "Save Now Pay Later" Program available?

“Save Now Pay Later” Program is currently able to invest in homes in the following states (but more are on the way):

Arizona,
California,
Florida,
Maryland,
Massachusetts,
Michigan,
Minnesota,
New Jersey,
New York,
North Carolina,
Oregon,
Pennsylvania,
Virginia,
Washington.
Ohio

If I don’t have monthly payments, how does "Save Now Pay Later" Program make money?

“Save Now Pay Later” Program has the potential to make money through the Share — the percentage of the home’s value we are entitled to receive when you sell your home, refinance, or buy us out by the end of the effective period. So, if your home value goes up, we make more and if it goes down, we make less.

How quickly can my project be funded?

Like most things, this is partly us and partly you. Once you have your completed Application (the “you” part), we can typically determine the home market value, finalize the offer, structure the Investment, and sign (the “us” part) in three weeks.

When am I expected to pay fees and when do I receive my funding?

You’ll typically receive your funds within four to seven business days of signing the Program if you have decided to apply for more than your initial solar project is worth, the balance will be transferred through a wire transfer to the account you choose. If you are funding your solar project or other home improvement projects, those funds will be directly wired to your contractor, sub-contractor, architect, or company in charge of your home improvement project. If your funds are delayed, here are some common reasons why. The signing costs are deducted from the Investment total, so you have no out-of-pocket costs.

In what situations would "Save Now Pay Later" Program-Investment? Program not be the right option?

Everyone’s motives and methods around homeownership are personal — there are few “right” answers in life, and ultimately it’s up to you to weigh your options and make the decision that best fits your needs.

We typically look for an LTV (loan to value ratio) maximum of 75%, so if you have less than 25% equity built up in your property (for example, if you’ve only been in your home a very short time), “Save Now Pay Later” Program might not be the best fit for you.

It’s also important to determine if our settlement options fit into your plan. “Save Now Pay Later” Program has a 10-year effective period. You may settle your Investment within that time through the sale of your home, a refinance, or savings.

I live in a flood zone. Can "Save Now Pay Later" Program-Investment? Program still make an Investment in my home?

We most likely can, but only if you have active flood insurance throughout the entire effective period of the Investment. Unfortunately, we can’t currently invest in manufactured homes within flood zones.

If your home is located in a Special Flood Hazard Area (SFHA) as determined by the Federal Emergency Management Agency (FEMA), you must have flood coverage in place before we can proceed with your Investment. It’s important to note that your policy must specifically provide flood coverage — policies that only address water damage aren’t sufficient for us to approve your Investment. Making sure that you have a valid flood insurance policy and sharing it with us as soon as possible will help to avoid delays in the Investment process and help you get your funds faster.

Frequently Asked Questions

AFTER THE INVESTMENT
Will have you a say in what I do with the house after the Investment?

Provided that you take care of your house and pay your taxes, mortgage, and insurance — no. You do need to loop us in if you would like to sell your home, take on another investor, or adjust your mortgage.

What are my obligations if I sign up "Save Now Pay Later" Program?

During the effective period of the “Save Now Pay Later” Program (10 years), you are responsible for maintaining your home, making timely mortgage, insurance, and property tax payments, as well as informing us if and when you plan to sell your home. During this time, you do not owe any payments to us and the Investment does not accrue any interest.

Do you offer renovation adjustments?

Yes, we do. You may request an adjustment to the agreed home value to account for any appreciation in the value of the property as a result of certain qualified renovations amounting to $25,000 or more. Here’s how it works: the homeowner provides us with evidence of the renovation, including receipts and photographs, within 90 days of its completion. The amount of a renovation adjustment, if approved by us, will be the difference, as determined by an appraiser, between the appraised value of the property post-renovation and the hypothetical value of the property without the renovations. Accepted renovation adjustments are not guaranteed.

How long do I have to settle a "Save Now Pay Later" program-Investment?

The term of a Save Now Pay Later” program is 10 years. You can either buy out our Investment with savings, take out a home equity (or other) loan, or sell your home during the term. We call this settling the Investment.

What is the process for getting a "Save Now Pay Later" Program-Investment?

Getting a “Save Now Pay Later” Program involves a few simple steps:

  1. Complete an Investment Inquiry Create an account and submit an Investment Inquiry through this website.
  2. Speak with your Investment Manager If we think an Investment might be possible, we’ll send you an Investment Estimate, which includes estimated terms specific to your property. Your “Save Now Pay Later” Program Manager will set up a call with you to walk through the numbers and answer any questions you may have about the application process.
  3. Submit your application Once you’ve uploaded or scanned your documents to your computer, grab a cup of coffee and get started – this Application shouldn’t take more than 20 minutes.
  4. Closing Before we can prepare the final Investment Details, we’ll schedule a physical appraisal of your property using a third-party appraiser. Once the appraisal is complete and the Investment Details are finalized, we can sign the documents and begin the transfer of funds!
Will you be responsible for any expenses like taxes or insurance or if an act-of-God-tree falls on my house?

No. We don’t live in your house, tell you what wallpaper to choose, or come for holidays, either. Unless you invite us.

What if I want to renovate or paint the house purple? Do I have to give you heads up?

No, we’re not involved in any renovation decisions and we don’t share in any of the home value attributable to renovations, as determined by an appraiser.

So, if you’re renovating to make your life better, excellent! If you’re renovating in the hopes of increasing the value of your home, just do your homework. Some renovations add more value than others; some don’t pay for themselves at all.

After an Investment, does you conduct random inspections?

No. Assuming you are doing the things a responsible homeowner does (like paying your taxes, mortgage, and insurance, and maintaining your home), we will not be popping by for a visit.

Frequently Asked Questions

SETTLING THE INVESTMENT
What if I want to sell my house before the effective period is up?

No problem – it’s totally up to you; just loop us in. We will receive an investment share from the proceeds of the sale.

What happens if the value of my home goes down?

In exchange for our upfront cash Investment, we receive a share of the sale or market price of the home. If the value doesn’t go up and we make less, we make less. That’s the risk we take, and that’s for us to worry about, not you.

Are you involved in the process when I’m ready to sell my home?

You do not need permission from us to sell. When you decide to sell, you are responsible for notifying us:

When you plan to list the house for sale
Within 24 hours of receipt of a binding offer (yay!) and include a copy of the offer
While we will not tell you which offer to accept, the sale price must approximate or exceed the market value of the home. We will work with you to settle the investment as part of the normal signing process; like you, and unlike a bank, we are motivated to get top dollar for any house we have invested in.

What happens if I don’t sell the home by the end of the effective period and want to keep it or pass it on to my kids? What do I owe you?

If you don’t want to sell your house during the effective period, you can settle the Investment with savings or by taking out a home equity (or other) loan. Any settlement is based on the current market value of the home.

What happens if my house burns down?

That would be awful and we hope that never happens. If the property can be repaired and restored to its condition before the disaster, then great and that’s the plan. If it cannot be repaired and restored, we will use an appraiser to determine the value of the property before the disaster and Hometap will receive the share from the insurance proceeds, in the same way as if you had sold the property.

What happens to the Investment if I pass away?

If you are the sole homeowner, the obligation to settle the Investment flows to the estate, and the lien remains on the property. If there is a second homeowner and one homeowner passes away, there are no changes to the agreement.

Find out if "Save First Pay Later Solar Program" is right for you.

Take our 5-minute quiz to see if a home equity investment is a good fit for you.

CLICK HERE TO SEE IF YOU QUALIFY

Why "Save First Pay Later Solar Program".

We're on a mission to make homeownership less stressful and more accessible.
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