Sunlight Solar Loan Partnership

You made an important decision to buy solar panels for your home. By financing your solar loan with Corning Credit Union, you automatically became a member. We value your business and are dedicated to delivering quality, convenient, and knowledgeable service to each of our members. Below are answers to questions you may have regarding your Sunlight Solar Loan with CCU.

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Federal Tax Credit Information

How does the Federal Tax Credit (ITC) work?
You may be eligible for a federal tax credit¹ and you'll need to check with the IRS for specifics. Due to differing income and financial situations, it’s important to 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.

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.

What do I need to file for the Federal Tax Credit?
Along with the required IRS form 5695, 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. Please contact your solar installer directly to request a copy of the contract. No tax forms will be generated or sent from CCU.

Natural Disaster Assistance

Have you been impacted by a natural disaster?
If you have been impacted by a natural disaster, we are here to help! To best assist you, we will need to obtain some basic information regarding how you were impacted. To get started, please complete the assistance questionnaire which includes instructions and processing timelines. Once completed, please submit the form to loans@corningfcu.org and a representative will contact you within 2-3 business days.  

For Solar Loans, please complete our Natural Disaster Assistance Questionnaire which includes instructions and processing timelines. Once completed, please submit the form to solarprocessing@corningfcu.org and a representative will contact you within 2-3 business days.  

Loan Details and Payment Options

How do I access my solar loan account?
Your account can be accessed 24/7 using our free Digital Banking or mobile app.

How do I obtain the payoff for my solar loan?

• To obtain today’s pay-off amount, log in to digital banking and select the solar loan record. The payoff amount can be found under the account details section.
  
• For 3rd party pay-off requests, email solarprocessing@corningfcu.org and provide a signed Borrower’s Authorization to Release Information Form.

What are the terms of my solar loan?
Your secured solar loan is a simple interest loan with no prepayment penalty. The loan is secured by the UCC fixture filing on the solar equipment. Please reference the Welcome Letter and your monthly statement for information regarding the terms of your specific loan.

How can I obtain 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. A username and password may be needed to access this information. 
  
• You may also log into Digital Banking and submit a secure request for the loan agreement via message center or live chat.

How do I make a one-time payment on my solar loan?
One-time payments can be made using our online Loan Payment Center.

How do I change my payment due date for my solar loan?
To inquire about a one-time change in your due date, please send a message within Digital Banking or contact us at solarprocessing@corningfcu.org to submit your request.

How can I make a principal only payment on my solar loan?
Principal payments can be made within Digital Banking through an external transfer to your CCU savings account. Once a transfer has been initiated, select “Principal Only” as the payment type for proper processing.

How will I receive statements for my solar loan?
Monthly billing statements will be sent to you in the mail. You can also enroll in electronic statements within Digital Banking.

Who should I contact regarding my solar equipment and system performance?

• The solar installation company should be contacted regarding solar equipment and system performance. 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. Please note: You may have a limited warranty on the solar panels and the installation of the solar system.
  
• There is a 60 day period between installation and first payment to allow the installers to complete your connection. If after that 60 day period your system is still not producing, please contact us at that time and we can open an escalation with Sunlight Financial on your behalf.

What are the late fees on my solar loan?
If a payment or partial payment is received fifteen or more days after the monthly due date, the loan will be assessed a $20 late fee.

May I make more than one payment each month on my solar loan(i.e. pay my loan ahead)?
Additional payments, above and beyond the minimum monthly payment can be made. 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.

How do I set up recurring payments for my solar loan?

• Sunlight offers recurring payments during the loan application process so automatic payments may have already been established for your loan. Before proceeding with self-setup options please check your paperwork to confirm the current payment method.
  
• Recurring payments can be set up using CCU's mobile app or Digital Banking. Once enrolled, you will have the option to set up Internal Transfers from a CCU Savings account or External Transfers by linking a separate account. When registering for Digital Banking, please reference the packet we sent you containing your CCU member account number.

Home Sales and Mortgage Refinances

What are the options for my solar loan if I am selling my home?
Per the terms of your CCU Solar Loan Agreement there are two options:

• The loan may be paid in full at the time of sale by you or by the new owner of the home.
  
• The purchaser may assume the loan, subject to the conditions and approval of CCU. 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.

How do I arrange for the subordination of my CCU solar loan?

• In order for your mortgage or Home Equity lender to establish a lien position ahead of your CCU solar loan (i.e. subordinate the solar loan), a request for Subordination will need to be completed. To start this process, refer your lender or title company to our Solar Subordination Checklist, which includes instructions, processing timelines, and fees.
  
• Once completed, the completed and signed Solar Subordination Checklist along with any supporting documents can be submitted to solarprocessing@corningfcu.org.

I am selling a home with an outstanding solar loan and the purchaser wants to assume the loan. What needs to be done?
Please refer to our Solar Assumption Checklist. The purchaser will need to meet CCU credit approval and requirements as stated in the original 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.

I am refinancing my home and the title company is asking about a Uniform Commercial Code (UCC-1) appearing in the Financial Statement on the title report of your home. What is this?

• The signed loan agreement included in the original loan documents authorized CCU 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 CCU’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 Checklist, which includes the instructions, processing timelines, and fees.

How will I know my subordination request was processed for my solar loan?
Once the completed checklist and any related documents has been received, CCU will send email acknowledgement. The payment must be received before we can proceed with finalizing the request. The completed Subordination Agreement will be mailed to the lender/title company on your behalf.