Solar energy user

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
• 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.

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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.

We aim to provide you with the most economic 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 their 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.

MySolarWealth allows you to make an impact investment by investing in the future of energy- Solar Energy. Not only a socially responsible investment, but it also yields a high financial return of up to 12% annual return rate with little risk involved.

MySolarWealth would charge an investment service fee that is based on the interest paid by the borrowers, in this case, electricity bill payment by the solar panel applicants. This investment service fee will only be applied after the borrower (solar panel applicant) has paid the electricity bill. MySolarWealth does not earn any fees from you unless you receive your repayment. 

We will pay your returns without deducting any income tax or other types of tax. However, your tax obligation will depend on your individual circumstances. We would provide you with a statement of interest earned and losses to enable you to make the correct tax declarations and pay your taxes. MySolarWealth would also encourage you to check your residence country’s tax policy on peer-to-peer lending.

MySolarWealth will use your investment to fund solar panel installation for households. This investment would not be used for any other purpose or to cover any other expenses.

MySolarWealth considers solar panel applicants as borrowers. At the moment, most of the solar panel applicants (borrowers) are Portuguese households or households from other European countries. They will go through a careful and thorough evaluation to be eligible for the free solar panel installation. 

MySolarWealth strives to minimize the risk through peer-to-peer lending investing. As with any other form of investment, there are inherent risks and you may not be able to get back your capital invested or interest. In this case, the main risk you may face as an investor is the risk of non-payment by borrowers. This risk can be mitigated by diversifying your investment portfolio. You may also face interest rate risk, which simply means that interest rates in the economy could rise but the return on money that you have already invested remains fixed at a lower level.

MySolarWealth cannot guarantee the amount of capital you invested nor the further interest payments. They are both subject to risk. However, we would carefully evaluate our borrowers (solar panel applicant) to minimize the risk of non-payment or late payment.