How Solar NOI Affects Your Refinance and Loan Terms
A permanent, contracted NOI line changes your DSCR. Here's how to get lenders to actually count it.
What lenders want to see
- 12+ months of billed solar revenue history.
- Copy of the PPA or ownership documentation.
- Utility interconnection agreement.
- Tenant enrollment rate and churn data.
How it shows up
Agency lenders (Fannie/Freddie) will typically credit 60–75% of trailing solar NOI in DSCR calcs on the first refinance, moving to 90%+ after 24 months of history.
The trap
If your PPA has an aggressive escalator (>3%) or a short remaining term, lenders discount aggressively or ignore it. Structure the PPA with a lender-friendly term (>15 years remaining, ≤2.5% escalator) from day one.
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