Solar Loan Information
You made an important decision to buy solar panels for your home. And, since you received your solar loan from Tech CU, you automatically became a member of a highly regarded, not-for-profit credit union! We value your business and we hope you will share in the high levels of satisfaction our members currently enjoy. Here below is key information to help answer questions you may have about your Tech CU solar loan.
- How do I set up recurring payments? Visit Online Banking to set up your recurring payments. You’ll have the option to set up an Internal Transfer from a Tech CU Checking or Savings account, as well as using our Fast Pay feature if using an external account. When you set up Online Banking, please refer to your solar billing statement for your Tech CU membership number.
- How do I make a one-time payment? You can do so with Fast Pay.
- How can I make a principal-only payment, including my voluntary pre-payment? Mail your payment to: Tech CU, PO Box 1300, San Jose, CA 95108-1300, with written instructions to apply as “Principal Only Payment,” and your Tech CU solar loan account number.
- How do I pay off my solar loan? To obtain today’s pay-off amount, good through 6:00 pm, visit Fast Pay. For 3rd party pay-off requests, email [email protected] and provide a signed Borrower’s Authorization to Release Information Form.
- May I make more than one payment each month (i.e. pay my loan ahead)? Yes, you are welcome to pay more than your monthly payment. However, the due date will only advance two months at a time. Any amount exceeding two monthly payments will be applied to the principal balance. If you have a Solar 17 Interest Only Loan, the due date will only advance one month at a time during the interest only period. Any amount exceeding one monthly payment will be applied to the principal balance. Following the re-amortization in month 18, a two-month due date advance is allowed.
- How do I change my payment due date? To inquire about a one-time change in your due date, please send us a Secure Message through Online Banking or contact our Member Contact Center at 1-800-553-0880 to submit your request.
Solar Federal Tax Credit
- How does the Federal Tax Credit (FTC) work? You may be eligible for a federal tax credit1 and you'll need to check with the IRS for specifics. Because everyone's income and financial situation is different, it’s important that you consult with a tax professional for specific advice and details on the amount of the credit. Please note: a tax credit, if you are eligible, reduces the amount of taxes you owe, but does not guarantee a tax rebate or refund.
- What do I need to file for the FTC? Here is the required IRS form 5695Opens a new window. You will also need the total cost of your solar system provided by the solar installer in the Home Improvement Contract at the time you purchased your solar system. You should reach out to your solar installer directly to request a copy of the contract.
1Under federal law, you may receive a tax credit. Other state-level incentives may also apply. You should contact your tax professional for specific advice.
Home Sale and Refinance
- I am refinancing my home and the title company is asking about a Uniform Commercial Code (UCC-1) Financial Statement appearing on the title report of your home. What is this?
When you signed the loan agreement and Tech CU financed the solar system for you, you granted Tech CU security interest in the solar system and authorized Tech CU to file a UCC-1 lien securing its interest in the solar system. This is not a lien against the home. The UCC-1 appears as a lien against the solar system on the county real estate property records. The UCC-1 lien protects Tech CU’s interest in the solar system and prohibits mortgage lenders from taking ownership of the solar system. Mortgage lenders prefer to be in first position on title of the home and they will typically request a subordination of the UCC-1 when you refinance your mortgage loan.
To request a subordination, please refer your mortgage lender or title company to our Subordination ChecklistOpens a new window, which includes the instructions, processing timelines, and fees.
- How do I arrange for the subordination of my Tech CU solar loan? In order for your mortgage or HELOC lender to establish a lien position ahead of your Tech CU solar loan (i.e. subordinate the solar loan), a request for Subordination will need to be submitted to Tech CU. Please refer your mortgage lender or title company to our Solar Subordination ChecklistOpens a new window, which includes instructions, processing timelines, and fees. Submit the completed and signed Solar Subordination Checklist and supporting documents using the secured Dropbox linkOpens a new window. Form of payments accepted are check or money order, which will need to be made payable to and mailed out to Tech CU.
- How will I know my subordination request was processed? Tech CU will send an email acknowledgement once the submitted checklist and documents have been reviewed. The payment must be received before we can proceed with finalizing the request. The completed Subordination Agreement will be mailed out using the returned shipping label provided.
- How do I get a pay-off demand for a third party (lender or title company)? Have your mortgage lender or title company send the request to [email protected] with a signed Borrower’s Authorization to Release Information form.
- I am selling my home and I am still making payments to Tech CU on the solar system loan. What are my options? Per the terms of your Tech CU Solar Loan Agreement you have two options:
Please refer to your Solar Loan Agreement for additional terms and conditions. If the purchaser is not approved to assume the loan or if the loan is not eligible to assume, the loan will need to be paid off in full.
- You or the purchaser may pay off the loan at the time of sale.
- The purchaser may assume the loan, subject to the conditions and approval of Tech CU.
- I am selling a home with an outstanding solar loan and the purchaser wants to assume the loan. What needs to be done? Check out our Solar Assumption Checklist and note that the purchaser will need to meet Tech CU’s credit approval and requirements as stated in your solar loan agreement. Please note: You should also reach out to your original solar installer to transfer the solar system warranties once the purchaser has assumed the loan.
- Can I transfer and install the solar panels if I move to another home? Please refer to the section “I am selling my home and I am still making payments to Tech CU on the solar loan. What are my options?”
Managing Your Solar Loan
- How may I access my account? Convenient 24/7 Access - Our free Online Banking includes budgeting tools and customizable alerts. To help you manage your account, we offer Mobile Banking with Mobile Deposit.
- How will I receive my statements? Monthly billing statements will be provided to you electronically if you opted “in” for electronic statements. Alternatively, you will receive monthly statements via USPS.
- How may I get a copy of my Solar Loan Agreement? Simply access the online Electronic Signature and Agreement System you used to obtain your solar system and financing. You will need your username and password to access the information.
You may also log into Online Banking and submit a secure request for the loan agreement. If you still need to sign up for Online Banking, have your membership number available from a recent statement and go to Online BankingOpens a new window.
Terms of Your Solar Loan
- What are the terms of my loan? The secured solar loans are simple interest loans with no prepayment penalty. The loan is secured by the UCC-1 filing on the solar equipment. Please reference the Welcome Letter and your monthly statement for information regarding the terms of your specific loan.
- What are the late fees on my solar loan? If any part of a payment is more than ten days late, we will charge you a late fee equal to 5% of the scheduled payment or $25.00, whichever is greater.
Solar System Performance
- Who should I contact regarding my solar equipment and system performance? You’ll want to contact your solar installation company. If you do not have your installer’s contact information, please refer to your installer purchase agreement which can be accessed by the online Electronic Signature and Agreement System you used to obtain your solar system and financing. You will need your username and password to access the information. Please note: You may have a limited warranty on the solar panels and the installation of the solar system.
Protect Your Solar System Investment
- It's important to protect yourself and your solar system. Please contact your homeowners’ insurance company to let them know you have installed solar panels to ensure you have sufficient personal property coverage.
If you still have questions, please feel free to reach out to us through our Member Call Center at 1-800-553-0880, or for general inquires you may e-mail us at [email protected].
If you would like to learn more about the many benefits of membership in Tech CU, including great rates for a variety of loans, check out our member benefits page.
Thank you for being a valued member of Tech CU!