If you’ve chosen a Sunline option with a Security Deposit, you may be wondering how it’s applied to your payments. We request customers pay the Security Deposit amount to us before we send out the lease and install the system.
What Happens Once We Receive Your Deposit?
When you pay your Security Deposit, the amount is actually held in reserve. Although we can confirm receiving the Security Deposit on the lease, it is not directly applied to the total Solar Energy System cost. Therefore, your Sunline term and payment will remain the same on your lease.
When your remaining balance is equal to the Security Deposit amount, apply the security deposit to pay off your remaining balance and end your Sunline term early. (The new estimated term length being shown on your proposal)
Why are my financing terms and monthly payments still the same?
Since the security deposit is held in reserve and is not directly applied yet, the length of the Sunline Lease and the monthly payment will not be affected. Once your remaining balance matches your security deposit, the number of months paid should also match the estimated payment period shown on your proposal.
It’s similar to how deposits work with home rental leases. Although the deposit for last month’s rent is typically paid upfront, the lease term and rental payments stay the same throughout the leasing period.
For further clarity you may refer to 3.3 and 3.4d of your lease execution document.
If you still have questions about your security deposit, please feel free to contact our operations team for further assistance.