Yesterday online solar marketplace EnergySage announced a step to expand the offerings through its online solar marketplace by beginning to offer loan options directly to consumers, independent of their installer. The company reports that it has recently signed agreements with BlueWave, Renew Financial and Wunder Capital, which it says will enable all quotes submitted through the Solar Marketplace to feature the option of loan financing.
Wunder Capital is offering its commercial loan nationwide, while BlueWave is currently offering residential solar loans in Massachusetts and RenewFinancial is offering its RenewPACE product in California.
EnergySage says that while most of the installers on its network already offer loan products, that this move was motivated by the concern that some buyers were forgoing purchasing a PV system because their installer of choice did not offer suitable financing.
“As the solar industry’s only transparent, online marketplace, we have the unique ability to match one consumer with multiple offers from both solar installers and lenders,” said EnergySage VP of Network Partnerships Aaron James. “Our data clearly shows that solar adoption increases as consumers are given more choice, and these recent agreements are all part of a broader effort to expand the pool of available options.”
EnergySage also notes notes that this follows trends in other industries, such as the auto industry, where buyers can choose to take out a loan from a car dealership or directly through a lender.
This move by EnergySage comes as loans and direct purchases are moving towards becoming the dominant model for residential solar. GTM Research predicted this week that direct purchases will outnumber third-party solar deals in 2017, following two years of declining market share for residential leases and power purchase agreements.