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New 5 Year / 0.99% Solar Panel Financing Option

bryan995

Member
Sep 15, 2018
302
158
San Diego
IMO, if the interest rate is that low, make sure they're not baking finance charges in. Someone has to prop up rates out that low. The 10 yr treasury rate may be low, but it's still north of 100bps. I don't see Tesla giving up more precious margin for free since they're already operating at what seems like a loss on the solar-side.

Also, try to have capital still to pay off the loan balance if you ever try to sell or refinance your house. These solar loans and wacky liens on fixtures can be a big headache.
That's right, the financed amount is the same as the cash amount. It is indeed a sweet deal, especially after todays CPI release. They are cutting into their margins for sure. Only wish they would let me take out a 30yr loan instead of 10yr ;)

And yes, have the cash to pay off if needed. Or could always sell my now gently-used MY SR (bought at $39,990) for a profit, I've seen listings for >56k! o_O
Strange that a refinance would require the solar to be paid for? Even if one has <50% LTV?
 
Last edited:

holeydonut

Supporting Member
Supporting Member
Jun 27, 2020
2,114
1,500
East Bay NorCal
That's right, the financed amount is the same as the cash amount. It is indeed a sweet deal, especially after todays CPI release. They are cutting into their margins for sure. Only wish they would let me take out a 30yr loan instead of 10yr ;)

And yes, have the cash to pay off if needed. Or could always sell my now gently-used MY SR (bought at $39,990) for a profit, I've seen listings for >56k! o_O
Strange that a refinance would require the solar to be paid for? Even if one has <50% LTV?


Yeah, I was asking the refi lender what was the deal... I get the feeling it doesn't matter if you have 10% LTV. They've had so many headaches with solar loans, PPA, PACE, and blah blah that they spend extra time clearing that hurdle. Like they barely cared what was my FICO and DTI... but they demanded like 10 docs to prove there was no solar loan lol. I even had to produce an email from Sunrun stating there was no loan or recurring payments on a system at my address because the lender didn't accept my receipts of payment haha. They even called Sunrun to verify the legitimacy of that email. I'm like... what the heck man.
 

mully

Member
Oct 5, 2016
35
22
Cypress, TX
I finally heard back from my project advisor. I was also told that I would not be able to change financing because "the lender is not the same".

Any thoughts how to get around this? I have not looked at my Sunlight Financial contract, but is there no early termination clause with them especially since I do not even have my installation scheduled yet?
 

holeydonut

Supporting Member
Supporting Member
Jun 27, 2020
2,114
1,500
East Bay NorCal
I finally heard back from my project advisor. I was also told that I would not be able to change financing because "the lender is not the same".

Any thoughts how to get around this? I have not looked at my Sunlight Financial contract, but is there no early termination clause with them especially since I do not even have my installation scheduled yet?


Maybe the affiliate marketing attribution cannot change. Your underwriting for financing already went through with Sunlight. So Sunlight and Tesla have terms in their partnership to not monkey around. If Tesla comes in and swoops you away from Sunlight, it’s likely Tesla would pay a penalty on top of extending you 0.99%.

If you cancel your order and restart from the beginning, you should be able to get the 0.99%, but Tesla cannot recommend you doing that.
 

mully

Member
Oct 5, 2016
35
22
Cypress, TX
Maybe the affiliate marketing attribution cannot change. Your underwriting for financing already went through with Sunlight. So Sunlight and Tesla have terms in their partnership to not monkey around. If Tesla comes in and swoops you away from Sunlight, it’s likely Tesla would pay a penalty on top of extending you 0.99%.

If you cancel your order and restart from the beginning, you should be able to get the 0.99%, but Tesla cannot recommend you doing that.
Thanks...I though that I could just cancel and restart and eat the $100 deposit but not sure that would be worth the effort. :)
 

bryan995

Member
Sep 15, 2018
302
158
San Diego
Maybe the affiliate marketing attribution cannot change. Your underwriting for financing already went through with Sunlight. So Sunlight and Tesla have terms in their partnership to not monkey around. If Tesla comes in and swoops you away from Sunlight, it’s likely Tesla would pay a penalty on top of extending you 0.99%.

If you cancel your order and restart from the beginning, you should be able to get the 0.99%, but Tesla cannot recommend you doing that.
Yeap, sounds like you need to cancel and start over.
 

mully

Member
Oct 5, 2016
35
22
Cypress, TX
Just call your Tesla rep and they can easily switch you over
The last email I got from my Tesla rep was "I’m sorry but we are not able to switch financing at this time.".

Did you originally finance with your Tesla order? How long ago was that?

My "Solar Loan Agreement" was signed on May 9th, but I still don't have my install scheduled.
 

simpson

Member
Jun 17, 2021
13
1
Boston
The last email I got from my Tesla rep was "I’m sorry but we are not able to switch financing at this time.".

Did you originally finance with your Tesla order? How long ago was that?

My "Solar Loan Agreement" was signed on May 9th, but I still don't have my install scheduled.
I originally got paired up with Sunlight Financial for 20yrs / 6.99% interest. I had already signed all that paperwork but my install still isn't scheduled so my Tesla rep seemed to be able to simply convert my over to the new offer and I re-signed everything
 
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