FAQs | EverBright

CUSTOMER FREQUENTLY ASKED QUESTIONS

Easy to understand answers to some
commonly asked questions.

What are the benefits of financing my solar panels and battery storage systems?
There are many great reasons to invest in solar energy and battery storage for your home. Still, the upfront costs associated with a solar installation can be out of reach for many homeowners.
 
The good news is that various solar financing options are available, designed to match your budget and lifestyle, and can quickly make solar energy available to your home. Whether you go with a solar lease, a PPA, a RIC, or a solar loan, these financing options allow you to pay off the installation cost over a set period of time
           
EverBright offers several ways to finance your solar system and enjoy energy savings, fixed monthly payments, and a competitive interest rate.
 
The EverOwn retail installment contract (RIC) lets you upgrade to solar and battery storage by agreeing to make payments over time. With a RIC, you may be eligible for tax credits, build equity, and save money on your energy bill with reliable, clean energy.
 
EverBright also offers EverEasy solar leases and EverFix and EverFlex PPAs. These financing options are perfect if you want to include production monitoring and free maintenance.
 
We've got you covered--any way you choose to finance your solar and battery storage system.
A retail installment contract is slightly different from a loan. Both are ways to obtain a solar system and battery storage by agreeing to make payments over time.
 
A solar RIC is an extension of credit by a seller, typically your installer, to a consumer for purchasing solar panels and other items related to the system. Once you sign the RIC agreement, the seller will immediately assign that RIC to a third-party finance company, like EverBright.
 
A solar loan is a transaction between you and a lender (not a seller) for money, and you use that money to purchase the solar system and agree to repay the cost of the solar panels and equipment plus interest.
 
Functionally, a consumer will see little to no differences between a RIC and a solar loan. The consumer will still receive the solar system installment from the seller and pay for the financing. The financing company and the seller more substantively feel the differences between RICs and loans. The seller has little involvement in the underwriting decision and administration of payments.
When you think about financing your solar panel system, PPAs or solar leases may be a good option for you to consider.
 
With PPAs and solar leases, the financing company owns and maintains the system, and you get a fixed price per kilowatt-hour (kWh) for power generated by the system.
 
Solar leases and PPAs can be a great option if you don't want to be responsible for maintenance, want predictable rates and a smaller electric bill, and aren't eligible for a significant tax credit.
The benefits that come with RICs and solar loans speak for themselves. Of course, the big one is getting the solar installation done. Paying the total up-front cost of solar panels is a challenge to those wanting to go the alternative energy route, and our solar panel financing options remove that barrier.
 
An added benefit of a solar loan or RIC is you can take advantage of various incentives, including the federal solar tax credit, state tax credits, and solar rebates. These potential reimbursements go a long way toward paying off the solar panels and aren't available with a solar lease or PPA.
 
If you want to secure your solar tax credit, EverBright can assist you with finding the right financing option for your home and savings goals.
At EverBright, we do more than provide you with financing for your solar system. We help you get matched with local contractors, design the system that best fits your needs, and then provide you with a financing option to cover the up-front cost.
 
Once your solar system is in service, you will get access to MyEverBright, our online customer portal. With MyEverBright, you can pay your bill, see all details about your system design, and access all your agreement documents.
Our credit requirements vary for different financing options. We encourage you to apply! The initial credit check is a “soft credit check” and will not impact your credit score. A hard inquiry will only happen if you decide to get a solar system financed and sign an EverBright financing agreement.
  • Tax incentives
  • Interest rates
  • Financing term
  • Affordability
A house's solar readiness can depend on several things, including roof shading, the age and angle of your roof, and other considerations.
 
The solar proposal process we offer will take into account your unique situation, so you will know before even thinking about financing if solar panels and or battery storage is a good fit for your home.
If your roof needs replacing, you should replace your roof before installing solar panels. If you already have solar on your roof, your contractor must remove your system before replacing your roof and then reinstall the solar panels.
Knowing how many solar panels to put on your roof is no cookie-cutter formula. Fortunately, EverBright’s software is one of the industry’s most accurate and advanced tools for solar system design.
 
Our EverBright Pro solar contractors have the technical skills to evaluate your home and property to develop a proposal with the optimal number of solar panels for your energy needs.
A lot goes into how long you can expect your solar panels to produce energy, but generally, a modern solar panel lasts anywhere from 25 to 30 years.
 
Does this mean you will not have electricity when your solar panels reach that age? No. However, you will find that the production capacity of the panel degrades at about 0.5% per year, so that after 25-30 years, it has lost 12-15% of its production, but “degradation” begins nearly immediately, not at the start of year 25. Proper maintenance is key to getting the longest possible useful life out of solar panels.
Many factors impact the final cost of installing solar. Often those factors include the size of your solar system, the design of your roof, sun exposure, and the equipment installed. That said, according to the Center for Sustainable Energy, a typical home solar system installation may cost between $15,000 and $25,000. However, a system can last between 25 and 30 years and save you thousands of dollars in electricity costs during that period.
There are many indicators that solar panel installation can improve the value of your home by a fair margin. While the savings from your lower energy bills help the solar systems pay for themselves, research also shows that installing solar panels will likely increase a home's value, and the increase depends on location. Experts at Zillow say that the average home with new solar panels could see an increase in property value of around 4.1%.
 
Depending on your location and solar system, you can repay a portion of the system's cost with the added real estate value if you choose to sell your house.
 
In addition to enjoying clean, dependable energy, you can rest assured that you made a good investment.
Some homeowners prefer to pay some cash up front and finance the rest, so – in most states – EverBright lets you pay for part of your solar system purchase at the beginning of your financing agreement.
As a premier clean-energy solutions company, EverBright ensures that the solar installer you work with is highly trained and can educate you on going solar and your financing options.
 
We work with seasoned local installers who will design a solar system that can reduce your electricity bills effectively. The idea is to go beyond giving you the best deal available, as many factors go into an efficient solar energy setup.
 
Your solar proposal will show you the best possible solutions for transitioning from standard electricity to producing your own clean, renewable energy.
Solar panels and other clean energy upgrades like battery storage make for a much cleaner power source- with zero carbon emissions. Still, financial limitations make owning a solar system far from a reality for many homeowners.
 
Thankfully, this doesn't need to include you. With competitive rates and tailored plans, we design our financing options to make owning or leasing a solar system more accessible to homeowners nationwide.
Yes, EverBright accepts solar capacity upgrades as long as your new specifications still lie within the range of a minimum system size of 2 kW DC and max system size of 30 kW DC. You can also add battery storage!  
 
It's best to check with your installer because there may be local regulations that restrict the size of some systems.
Yes, your solar system produces energy based on sun exposure. Shading will decrease the amount of exposure to sunlight and consequently result in less energy production. When designing your system and forecasting its production, the sun your roof receives is considered in your production and offset calculations.
The average productivity is typically on your solar panel manufacturer's website. You can find a complete list of equipment installed on your home on your financing agreement.
 
EverBright leases and PPAs come with free solar system monitoring and maintenance services. You can check for productivity on the MyEverBright homeowner web experience. Login and check out your "Performance Dashboard." You can also call and speak with the EverBright  Homeowner Support team seven days a week.
We aim to ensure that you can get the solar panels and systems you need as conveniently and cost-effectively as possible.
 
EverBright is more concerned with looking out for your solar panel needs and ensuring an exceptional customer experience than making a sale, so we are not in the business of forcing purchases.
Yes. Your EverBright proposal will show how much you can save by switching from the standard electricity setup to producing and storing your own clean, renewable energy.
 
The proposal will help you understand your financing options and the potential long-term savings of each.
You can ask to see multiple solar quotes per project, so you can select the financing option that best suits your home and budget.
 
For example, fixed or variable payments are available with our EverFlex and EverFixed PPA financing. On the other hand, if you want to own your system--and keep all the tax benefits while generating clean power--the EverOwn solar RIC is perfect for you.
 
Remember that our team doesn't just generate solar quotes to throw them at you. Instead, we're willing to work with you to make sure we can come to a consensus on the best solution.
Of course, the cost of the underlying solar panels and other equipment must be a part of it. What are the advantages of getting backup battery storage?
 
A battery storage system will store the unused energy your solar panels produce during the day. A battery storage system can not only power your home in the event of an outage but also allows you to tap into your batteries at night when the sun isn’t shining. Getting the right system design for your home is a highly personalized process. Our proposals ensure all solar and storage upgrades are made with your best energy interests in mind.
Beyond supplying financing options for solar panels, we are committed to providing our customers with an exceptional experience. If you have questions about the installation process or your system post-installation, we invite you to contact our homeowner support team by calling 877-425-5201 or via email at support@myeverbright.com.
 
We're always open to understanding how to improve the funding and installation process.
 
Current customers can also log in to the MyEverBright online experience to get information on your solar system design, agreement, billing, and payment details.

We’ve outgrown the old way of powering our homes. With a refreshingly simple process, affordable financing, exceptional service, and beyond – our customers get the latest clean energy technology with no up-front costs and maximum potential savings.

State Licensing NMLS ID:
EverBright R1, LLC 2361430
EverBright R2, LLC 2361435

  • linkedin-in-line

Quick Links

Customer

Partners

© 2023 EverBright, LLC.