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Applying for free solar panels:
It is extremely important for us to evaluate your application based on your past credit record and solar panel supplier. Such variables may include:
- Credit score
- Past electricity bill payment record
- Salary
Some other important variables regarding the solar panel supplier will also be considered:
- Your supplier of the solar panel
- Number of solar panels
- Electricity generating capacity of the solar panels
- Price for the solar panels
- The lifespan of the solar panels
- Brand of the solar panels
If you are the owner of the house and can provide us with the house ownership certificate, your application will have a higher chance to be successful.
Your application will be evaluated by MySolarWealth once it is completed and submitted. Our aim is to provide you with a free solar panel purchase and installation proposal that will be the most suitable one for your house. Most of the applications that meet our evaluation criterion with little or no credit risk will be successful. In case of an unsuccessful application, we would provide you with the reasons for your unsuccessful application and further documents required to complete your application.
MySolarWealth does not require any repayment for the free solar panel purchase and installation. We would only ask you to pay for the electricity consumed by you that is generated from the installed solar panels. You will receive a 20% discount per each kWh of electricity.
To receive a customized proposal, we require the following information:
- Business email
- Business address
- Business name and contact
- Most recent electricity bill (preferably 6 months)
- Business’s holiday consumption pattern
- Business site pictures
Based on the information provided, we will deliver a customized proposal within 48 hours.
A: After accepting the initial proposal, we will visit your business site to gather technical details. These details help us determine factors such as:
- Types and number of solar panels
- Electricity generating capacity
- Brand of solar panels
- Types of solar panel support structure
These variables ensure we provide a solar solution that maximizes energy efficiency and minimizes costs.
To finance the funding of your project, we would also require some of your past credit record and business’s financial information, including variables such as:
- Credit score
- Past electricity bill payment record
- Annual revenue
These additional details are necessary to ensure a comprehensive evaluation and tailor the solar solution specifically for your business.
A: Most businesses that meet our evaluation criteria and have little to no credit risk will be successful. If your application is unsuccessful, we will provide the reasons and any additional documents needed for completion.
Mysolarwealth does not require repayment for the free solar panel solution and installation. You only pay for the electricity consumed from the installed solar panels, with a 10%-30% discount per kWh.
A: The price per kWh of electricity consumed from the solar panel will be 10%-30% cheaper than your current rate. You are charged based on your electricity consumption from the solar panels.
A: You will pay the electricity bill based on the electricity consumed by the solar panel for 15 years. The exact ending date will be stated in the provisional offer, final agreement, and your Mysolarwealth dashboard.
A: You start paying the electricity bill one month after the installation of the solar panels. The date of the first payment is mentioned in the provisional offer, final agreement, and your Mysolarwealth dashboard.
You need to pay your electricity bill once a month. The exact payment dates are stated in the provisional offer, final agreement, and your Mysolarwealth dashboard. We will inform you in advance of each month’s payment.
A: If you miss a payment, we will contact you the following day to collect the missed payment. We will work with you to establish a payment plan. Failure to resolve the missed payments may result in termination of the agreement and referral to a collections agency with additional charges.
A: We collect the electricity bill payment monthly through direct debit. You will sign a direct debit mandate, providing your bank account details to complete the payment procedure.
Electricity bill payments:
We aim to provide you with the most economical electricity bill without any other types of repayment required. The price for kWh of electricity consumed from the solar panel will be 20% cheaper than your current price per kWh of electricity. We would only charge you based on your electricity consumption from the solar panel.
We would ask you to pay the electricity bill based on the electricity consumed by the solar panel installed for 25 years. You can find the exact ending date of the electricity bill payment in the provisional offer and the final agreement, as well as your MySolarWealth dashboard. However, if there is any type of damage to the solar panels that affect its normal functions, we would temporarily cease the electricity bill payment and reinstall the solar panels. The further fee from the reinstallation will be evaluated based on the causes of the damage.
You will only start to pay the electricity bill one month after the installation of the solar panels.
The date of the first electricity bill payment will also be explicitly stated within the provisional offer and the final agreement. You will also be able to view it on your MysolarWealth dashboard.
You only need to pay your electricity bill once a month. The provisional offer and the final agreement will explicitly state the exact date of the first and subsequent electricity bill. You can also find this information on the MySolarWealth dashboard, and we would inform you in advance regarding the electricity bill payment every month.
If you miss your electricity bill payment, we will contact you the following day to collect the missed payment. We will try to establish contact with you by repeating the process within the next 90 days at frequent intervals, but if we cannot agree on an electricity bill payment time plan or the situation persists, and you incur further missed electricity payments, we might terminate our agreement and refer you to a collections agency with further charges levied on you. Missing your electricity bill payment might result in you being charged additional fees as stated in the agreement.
MySolarWealth collects the electricity bill payment every month through direct debit. We would ask you to sign a direct debit mandate once the provisional offer is accepted whereby you will provide us with your bank account details in order to complete the direct debit payment procedure.
Investing with MySolarWealth:
Mysolarwealth is a peer-to-peer lending/investment platform that connects individual investors with businesses seeking funding to transition to the use of solar energy. By investing in these businesses, you can earn returns based on their electricity bill repayments, which act as interest payments for your investment. Here’s a step-by-step breakdown of how you can start earning with Mysolarwealth:
- Registration: Sign up and create a profile on Mysolarwealth
- Browse and Select: Explore the available sustainable investment opportunities on our platform.
- Due Diligence: Evaluate investment opportunities based on the information provided.
- Investment: Choose the amount you want to invest and transfer funds.
- Repayment and Returns: Receive repayments and earn returns from borrowers based on their electricity bill repayments.
- Monitoring: Track the performance of your investments through Mysolarwealth’s user-friendly platform.
At Mysolarwealth, we offer you the flexibility to invest according to your financial capacity and goals, without any maximum investment limit. However, please note that there is a minimum investment amount of €200. This minimum amount is in place due to the fees charged by our trusted partner, Stripe, and local banks. By setting a minimum investment requirement, we ensure that all investors can participate in the platform while maintaining the necessary operational standards.
Whether you choose to invest the minimum amount or go beyond, Mysolarwealth warmly welcomes your contribution towards driving the adoption of sustainable energy and earning attractive returns on your investment.
The typical investment term or duration at Mysolarwealth varies depending on the project. On average, the payback period for our projects ranges between 3 to 4 years. Additionally, the typical investment term for each project is approximately 15 years.
During this period, you can enjoy the benefits of your investment while supporting businesses in their transition to solar energy. It’s important to note that the specific duration may vary for each project, and detailed information about the investment term is provided for each opportunity on our platform.
At Mysolarwealth, we provide you with a user-friendly investment platform accessible through our website. This platform offers a comprehensive set of tools and features to track the performance of your investments effectively.
Through our platform, you can access detailed information about your investments, including monthly returns, return rates, estimated annual return rates, and other important investment data. This transparency allows you to stay informed and monitor the progress of your investments.
Additionally, for most of our projects, we provide the option to withdraw your returns on a monthly basis, providing you with convenient access to your earnings.
While Mysolarwealth strives to minimize risks associated with your investment, it is important to note that we cannot provide a guarantee for the payback of your invested capital or guarantee further interest payments. Both the capital and returns are subject to inherent risks.
However, we take extensive measures to evaluate and assess our borrowers, who are businesses seeking funding to transition to the use of solar energy, in order to minimize the risk of non-payment or late payment. In the event of non-payment or late payment by businesses, we are committed to taking appropriate legal actions and engaging debt collection agencies to ensure the collection of payments.
Additionally, our platform provides an added layer of protection through asset collateral. This means that the solar panels funded by your investment act as collateral, helping to protect your capital and potential returns.
While we strive to maintain a high level of diligence and risk management, it is important to acknowledge that investment always carries a degree of risk. We encourage investors to carefully evaluate their investment choices and diversify their portfolios to mitigate potential risks.
Should you have any further questions or concerns regarding the protection of your capital and returns, please do not hesitate to contact our dedicated customer support team. We are here to assist you and provide any necessary clarification.
At present, Mysolarwealth does not have a secondary market where you can directly sell your investments. However, we do provide an alternative solution for investors who wish to sell their investments.
If you are interested in selling your investments, please reach out to us at help@Mysolarwealth.com. Our team will be happy to assist you and explore potential options for facilitating the sale of your investments.
Additionally, we offer opportunities for businesses funded through our platform to engage in negotiations with our investors. This allows these businesses to buy out or repurchase the assets funded by your investment, providing you with a faster return on your investment.
While we do not currently have a dedicated secondary market, we are committed to providing solutions that support the liquidity needs of our investors. Our team is always available to discuss individual circumstances and explore possibilities for facilitating the sale or transfer of investments.
Please don’t hesitate to contact us if you have any questions or require further assistance regarding the liquidity of your investments.
Withdrawing funds on Mysolarwealth is a straightforward process. Here’s a step-by-step guide:
- Log in to your Mysolarwealth account.
- Find “Withdraw Funds” on your dashboard.
- As an added layer of security, you will be prompted to enter a verification code that will be sent to your registered phone number.
- Once you have entered the verification code, you can proceed to initiate the withdrawal.
- Follow the instructions provided to complete the withdrawal process.
Please note that fund withdrawals may take up to 48 hours or 2 business days to process. This duration is required to ensure proper verification and processing of the transaction.
If you have any further questions or encounter any issues during the withdrawal process, our customer support team is readily available to assist you. Feel free to reach out to us via email at help@Mysolarwealth.com, through the contact form on our website, or by calling our dedicated customer support line at +351 961 520 281.
We strive to make the withdrawal process as seamless as possible, and we appreciate your patience and understanding as we ensure the secure and timely transfer of your funds.
