EverBright calculates loan amount from the install cost inserted by the user and the dealer fees set on the product.

Calculation

Loan Amount ($) = (Install Cost ($) - Installer Paid Rebates ($) -Upfront Payment ($)+ Dealer Fee ($)

Dealer fees are calculated as a percentage of the loan amount (not of the install cost), as a result:

Loan Amount ($) = (Install Cost ($) - Installer Paid Rebates ($) - Upfront Payment ($)) + Dealer Fee (%) x Loan Amount ($)

And with some simple algebra:

Loan Amount ($) = (Install Cost ($)- Installer Paid Rebates ($) - Upfront Payment ($)) / (1 - Dealer Fee (%))

Example

You create a quote for a Demo Loan that has a 10% dealer fee.

You design a 15.120 kW system.

You input an install cost of $1.984/W, so the total install cost is $1.984/W x 15.120 kW = $30,000.

Loan amount, as per the formula above is thus $30,000 / (1-0.1) = $33,333.

That’s the number you’ll find in the proposal (below). All these numbers are rounded where they appear in the Quote and Proposal Phase.