Solar loans that are good for your wallet & good for the earth

All Atmos Solar Loans include a no-payment period for 6 months following loan signing. This period is intended to reduce the financial burden on our customers while the project is being installed. If your installation company is able to complete the project and successfully achieve PTO (Permission to Operate) from your local permitting agencies before six months, you'll get the benefit of free energy in the interim. Atmos does not expedite this no-payment period for projects completed quickly.

All Atmos Solar Loans include a no-payment period for 6 months following loan signing. This period is intended to reduce the financial burden on our customers while the project is being installed. Atmos Certified installers are expected to complete the project and successfully achieve PTO (Permission to Operate) from your local permitting agencies within this timeframe. If completing the project extends beyond 6 months, Atmos will be in contact with the homeowner and the installation companies to validate the delay and issue an extension of the no-payment period, as needed.

There are two reasons your rate may change during the loan application process:

1) Atmos interest rates are subject to adjustments from time to time to reflect the ongoing changes in the interest rate environment. Rates may increase or decrease. Every month we publish new rates to our partnering installation companies. If you pre-qualified for a loan in one month, but decided to move forward with your project loan in a subsequent month, you may see updating rates in your loan application. We try our best to reduce this risk to you by providing a 15-day rate lock once you've been formally approved for a loan. The 15-day rate lock is to give you time to read and understand your loan agreement, finalize any project considerations, and determine that you want to move forward with your rooftop solar installation.

Please note: Pre-qualification and a formal loan approval are not the same thing. A pre-qualification is performed with a soft credit inquiry with no impact to your credit score. There isn't a time limit associated with your pre-qualification as it is not a formal offer of credit.

2) The interest rate we can formally offer is based on your credit score from a hard credit inquiry. After you pre-qualify for an Atmos loan, which is done through a soft credit inquiry, we show you the indicative rate we can offer to you based on the credit score returned to us from Equifax. After you've pre-qualified, you'll have the opportunity to formally apply for an Atmos Solar Loan by accepting the project costs provided to us by your installation company. Atmos performs a hard credit inquiry at this time to finalize the rate we can offer you and complete any additional underwriting steps. It is not uncommon for credit scores to change slightly between soft and hard credit inquiries. Such changes may result from changes in your personal credit history. If you disagree with your credit score, contact information for Equifax can be provided to you. Atmos does not guarantee a rate based on pre-qualification.

Months 0 - 6: Regardless of which term you pick, all Atmos Solar Loans get the benefit of no payments for 6 months. This initial no-payment period is intended to give you and your installation company time to install your new residential energy system and start generating cheap, renewable energy before your loan bills kick in. Interest may accrue on your loan during this no-payment period based on milestone payments to the installation company. Any and all accrued interest is capitalized (added onto the principal) and amortized over the term of the loan you select.

Months 7 - 18: Following the no-payment period, you'll get the benefit of reduced payments for 12 more months. The reduced payment is based on an introductory 0% APR for the entirety of your investment tax credit (ITC), offered through month 18 of your loan. On a federal level, this is equal to 30% of your total project cost (including any financing fees), but if you live in a state that has additional state-level tax incentives, you'll get an even greater benefit.

Months 19+: Atmos will automatically re-amortize the outstanding principal balance of your loan after month 18 using the stated, fixed interest rate shown on your loan agreement. This 18-month period gives most customers plenty of time to receive the benefit of the tax credit and pay down the ITC portion of their solar loan if they choose. There is no obligation to pay down the solar loan. However, customers can expect their monthly loan payment to go up if they don't pay down their solar loan by the amount of the ITC. To maintain the same monthly payment, customers should pay down their solar loan by the amount of the investment tax credit assessed on their loan. Please consult with a tax professional to understand if you can take advantage of the ITC to maintain those low monthly payments.

Following the introductory 18-month period, Atmos will re-amortize your loan over the remaining term with any prepayment amount of $500 or more. This enables you to reduce your monthly loan payments as you have disposable income to pay down your loan. There are no fees or penalties for prepaying your loan and no limitations on the number of times you can prepay or re-amortize your loan. Prepaying your loan in any amount will reduce the interest expense you'll pay over the life of the loan. Good for you, good for us.

All borrowers are required to maintain homeowner’s insurance that covers their solar system. This measure protects homeowners against damages from natural disasters. Outlined in the loan agreement, Atmos reserves the right to request proof of insurance throughout the life of the loan. To add your solar system to your homeowner’s insurance, please reach out to your insurance provider and add the system to the policy. The coverage amount should equal the amount financed.

If you default on your Atmos solar loan, Atmos or its banking partners can repossess the solar panels and other equipment installed as part of your solar system. Without producing your own power, your local utility provider would begin billing for your complete energy consumption, potentially increasing your monthly energy bills. Atmos or its banking partner does report such instances to credit bureaus and your credit score would likely be negatively impacted, limiting your ability to qualify for additional debt in the near-term.

Since a solar loan is attached to you as an individual, and not secured directly by your home, your loan is not automatically canceled in the event you sell your house or move. Your solar loan will continue to accrue interest and be payable on a monthly basis. Borrowers typically use the proceeds from the sale or refinancing to pay down any outstanding balance on their solar loan without penalty. Since there is a UCC-1 filing associated with the solar system attached to your credit file, lenders of a new home may require that your old solar loan be repaid in full.