GoodLeap Loan

Originally named Paramount Equity Mortgage, GoodLeap was founded in Roseville, California in 2003 by Hayes Barnard, Jason Walker and Matt Dawson. Initially, a GoodLeap Loan was only offered for residential mortgages. In 2009, the founders entered the quickly emerging residential solar market by creating Paramount Solar. The company was sold to SolarCity in 2013 in a transaction approximately valued at $120 million. In 2017, Paramount Solar rebranded as Loanpal.

In 2019, Loanpal partnered with PenFed Credit Union, which made clean energy productions more accessible to homeowners. As of 2020, Loanpal was responsible for 41% of all new residential loans in the U.S.A. and is the top solar lender in the country. By October 2020, the company had funded over $4.5 billion for customers that received a GoodLeap Loan. In 2021, the company raised over $1 billion in new funding. In June 2021, Loanpal rebranded to GoodLeap.

The company gives homeowners the option of bundling their GoodLeap Loan into conventional mortgages. The GoodLeap Loan is funded once the solar panel system is installed. Then, homeowners can bundle the solar loan into a refinancing of their mortgage.

As of today, GoodLeap operates in all 50 states plus Puerto Rico. They have funded over $29 Billion to projects. They are the #1 solar lender in the USA with over 150,000 customers.

GoodLeap Loan Offerings

GoodLeap has financing products for the following items:

1. Residential Solar Systems
2. Solar Systems + Battery Storage Systems
3. Battery Add-On Financing (10-year or duration of warranty)
4. Sustainable Home Improvements (2 to 15-year products available)

The following terms and interest rates are available for a GoodLeap Loan:

• 10-Year Loans at 2.99% to 7.99%
• 12-Year Loans at 2.99% to 4.49%
• 15-Year Loans at 2.99% to 4.99%
• 20-Year Loans at 2.99% to 5.49%
• 20-Year FlexPay Loans at 2.98% to 5.98%
• 25-Year Loans at 2.99% to 5.99%
• 25-Year FlexPay Loans at 2.98% to 5.98%

GoodLeap Loan – Credit Approval

• GoodLeap pulls from all three credit bureaus and uses the highest score to qualify
• Soft credit pull until funding after the solar installation
• Only need the last four of the applicant’s Social Security Number
• Co-borrowers don’t have to be on title, be related, or live in the home
• Condos, manufactured homes, and second homes are allowed for a GoodLeap Loan

FICO and Borrowing Limits

For a Solar GoodLeap Loan:

• 600 Minimum FICO
• 600-649: Up to $45,000
• 650-669: Up to $50,000
• 670-699: Up to $75,000
• 700+: Up to $100,000
• 740+: Up to $125,000
• No DTI requirement 700+

For a Stand-Alone Battery GoodLeap Loan:

• 650 minimum FICO
• 650-699: Up to $35,000
• 700+: Up to $50,000

GoodLeap Loan – Signing and Payment Details

• 100% digital contracts via DocuSign
• Clients may sign up for ACH and receive a .50% discount to their APR
• Fixed interest rates for entire life of the loan
• First payment is due 2 months after loan funding
• No prepayment penalty on a GoodLeap Loan
• Standard installment loans and Flexpay loans that assume a 30% paydown after the introductory period
• Loans automatically re-amortize once after the introductory period
• Flexpay loans allow for a payment as low as the interest during the introductory period
• Yearly re-amortization by request after the introductory period with additional principal payment of $2,500 or more
• If home is sold, loan can be paid in full or transferred to the new home buyer

Property Eligibility

• Must be Residential and Owner Occupied to qualify for a GoodLeap Loan
• Single-Family or multifamily with up to 4-units
• Townhomes and Condos
• Manufactured homes with permanent foundation (Doublewides/ triplewides okay with improved value over $50k or market value over $100k)
• Roof or ground mounts
• Grid-tied and off grid allowed
• No singlewides, mobile homes, investment properties, or shared roofs

GoodLeap Contact Information

8781 Sierra College Blvd.
Roseville, CA 95661
United States
(844) 562-6725
customerservice@goodleap.com
GoodLeap Website

For more information on Solar Loans, see our main page on the topic.