Help Center Commercial
Commercial financing with BMO in Solargraf
Published on 17 Jun 2024
This guide will walk you through the steps to follow in order to use commercial financing with BMO in Solargraf.
What is the BMO Bank N.A. program on Solargraf?
Enphase has partnered with Bank of Montreal (BMO), formerly Bank of the West, to offer all our installers financing options for commercial projects in Solargraf.
In order to offer the best product to our customers, Enphase will collect all the customer and installer information, once completed, Enphase will submit the information to BMO. BMO has a strong track record of providing financing and has been stable provider of financing in the commercial sector.
How do I get to use the commercial financing options from BMO?
You do not need to be preapproved as an installer to offer the BMO as a commercial financing option. In contrast to residential solar financing, installers are underwritten simultaneously with the customer. Information from both the installer and customer will be collected prior to credit submission to BMO.
What are the financing options through BMO?
There are two major products offered by BMO:
Capital Lease (with $1.00 buyout) | Purchase-Renewal Only (PRO) Lease | |
Term | 7 Years or 84 Months | 7 Years or 84 Months |
What happens at the end of the term? |
|
|
Ownership | Customer owns system from inception | Lender owns system from inception |
ITC Benefits | Customer may be able to take ITC benefits | Lender can take ITC benefits & renewable energy credits & incentives |
Operation & Maintenance | Customer responsible for maintenance of the system | Customer responsible for maintenance of the system |
Other |
|
|
What else is required for credit underwriting from BMO?
Additionally, BMO also requires the following:
Project costs of $99,999 or less
1-page credit application, customer sales proposal through Solargraf, and owner information of the property
Project costs of $100,000 or more
Credit application and two (2) years of accountant prepared (audited if possible) statements or business tax returns, including current year interims (internally prepared balance sheet and income statement are acceptable if accountant prepared statements are not available).
Additionally the customer sales proposal through Solargraf and owner information of the property is also required.
All Projects will also have or be required to:
Credit approvals are valid for 90 days. Extensions are reviewed upon request. Best if requested prior to expiration.
Property ownership information is required.
Additional information may be requested during the underwriting process.
How do I apply for Commercial financing for BMO through Solargraf?
BMO will be automatically enabled for any commercial project that you create. The financial products will show up in the dropdown menu under the BMO logo.
If you don’t see the apply page or have questions please contact your Solargraf representative who will be happy to enlist one of our financing specialists to help.
How do I add BMO Commercial Financing to my account in Solargraf?
All installers in Solargraf will have access to the BMO Commercial Financing options. To do so please complete the following steps.
1. Go to your Company settings located on the side bar.
2. Then scroll down to the Pricing and under this section select the FinancingOptions menu.
3. Scroll down to Loans and under the BMO logo select View available loans.
4. A window should pop out showing the loan products, click the Select All button and then click Save Changes to import the loans.
5. A pop out should then appear to confirm the financing products have been imported, confirm by clicking the Ok button.
6. The same steps need to be repeated for BMO financing products under lease:
7. All new products should now show the BMO Financing products.