Yes, most of our customers will still pay a vastly reduced Electricity Bill to their utility in addition to their monthly loan payment to GoodLeap. Typically, homeowners consume more electricity than the solar system generates, therefore, you will still owe your utility for that excess consumption and potentially for interconnection charges. However, if the solar system generates more electricity than you use, you may be eligible for credits from your utility provider.

The Residential Tax Credit (sometimes called “ITC” or “RTC”) in 2020 is a 26% federal tax credit for solar systems on residential properties. As the owner of the solar energy system, you may be eligible to apply the credit as a dollar-for-dollar reduction in the federal income taxes that you owe in the year that you purchased your solar system. If the RTC granted for your solar system is greater than your tax liabilities in the year that you purchased your solar energy system, you may be able to apply the remaining RTC in the subsequent year. To determine your eligibility for any federal solar residential tax credit, you should make an independent assessment or consult with your tax advisor.

The ITC is a federal tax credit, not a rebate. Tax credits offset the balance of tax due to the government Therefore, you must have a tax appetite to be able to benefit from the tax credit. Please note, people who do not pay federal taxes may not be able to take full benefit of the tax credit This includes:

• – Borrowers on fixed income
• – Borrowers that are retired
• – Borrowers that worked only part of the year

If a borrower does pay enough in federal taxes the year they finance (or purchase) a solar system, the credit can be applied to pay off the taxes due, Borrowers can claim the tax credit over two tax cycles if they don’t have the full tax liability in year 1. If the borrower already paid taxes by withholding them from their paycheck, the federal government will apply issue a tax refund for the delta.

The loan is structured to give you the benefit of using the 26% Federal Residential Tax Credit to pay down your loan, so that your initial monthly payments are kept low. After month 18, your loan will re-amortize, and your new monthly payment will be adjusted so your loan is fully repaid by the end of your term. Most of our loans* follow the following 3 scenarios after the month 18 is passed:

A. If you pay down your loan 26% by month 18, your monthly payment will remain approximately the same throughout the life of your loan.

B. If you do not pay down your loan 26% by month 18, your new monthly payment will be higher than your initial monthly payment.

C. If you pay down your loan by more than 26% by month 18, your new monthly payment will be less than your initial monthly payment.

* Please note our Flexpay loans are structured so that borrowers can pay as little as just interest for the first 18 months. For questions about these loan payments, please reference your Loan Documents or call our customer support: 1-844-562-6725

Your first payment date is indicated in your Closing Certificate. To have us resend your Closing Certificate, please email us at closingcertificates@goodleap.com. Or, you can review all your loan details on your Portal.

To enroll in ACH, please enter your Portal and follow the instructions on the ACH tab.

You have two options:

In the vast majority of cases, homeowners choose to pay off the remaining balance of the GoodLeap loan through the sale of their home.

However, if the new homeowner wishes to assume the loan, he/she must apply to qualify for a GoodLeap loan. If the new homeowner is approved, then he/she assumes full responsibility of the loan. If he/she is not approved, then you must pay off the remaining balance of the GoodLeap loan.