Sunlight Financial, a provider of financing for residential solar systems, and Technology Credit Union (Tech CU), a credit union based in Silicon Valley, have announced the expansion of their partnership and residential solar loan program. Tech CU will commit up to $500 million for about 20,000 more loans originated by Sunlight’s national network of installers.
“We are excited to expand our partnership with Tech CU, an innovative and forward-looking credit union with deep expertise in consumer lending,” says Matt Potere, CEO of Sunlight Financial. “The expansion of our partnership with Tech CU is proof positive that Sunlight’s growth is rapid, sound and sustainable. Many more installers and homeowners will now be able to benefit from Sunlight’s market leading products, pricing and processes.”
Sunlight Financial says it offers solar installers a wide range of loan products, tailored to each homeowner’s preferred loan structure, tenor and interest rates. The company integrates with solar companies’ existing technology systems and provides access to Sunlight’s online platform, through which homeowners can be instantly approved for loans with monthly payments that are less than their existing utility bills, the company adds.
“Tech CU appreciates the high quality of Sunlight Financial’s installer partners and underwriting processes,” says Todd Harris, CEO of Tech CU. “We have been very impressed with Sunlight’s rapid growth during our program’s first year. We are thrilled to expand our partnership with Sunlight and look forward to continuing to fund loans for money-saving solar systems for years to come.”