This morning solar loan provider Sunlight Financial announced that it has secured a commitment from Silicon Valley’s Technology Credit Union (Tech CU) for $500 million, which will provide financing for an additional 20,000 home solar loans to be solicited through a national network of installers that work with Sunlight.
This is a lot of funding even for Sunlight, which became the largest loan provider on the EnergySage online solar marketplace during 2016. The finance provider gives credit to both its variety of loan products and its online platform, through which homeowners can directly seek approval for loans.
Sunlight has a lot of room to grow in an expanding market, as direct purchases, including through loans, have taken over from third-party solar are the dominant business model in the U.S. residential market.
The funding deal also represents an expansion of an existing partnership between the Sunlight and Tech CU. “Tech CU appreciates the high quality of Sunlight Financial’s installer partners and underwriting processes,” said Todd Harris, CEO of Tech CU. “We have been very impressed with Sunlight’s rapid growth during our program’s first year.”