Now that the smoke has cleared from the Section 201 process and the price of imported solar modules is again a predictable factor, the solar industry is getting back to work. As part of a flurry of manufacturing and project announcements this week, Sunlight Financial has announced a major deal with Technology Credit Union (Tech CU) to finance its solar loan products.
Under the deal, Tech CU will commit $400 million each year for roughly 15,000 loans originated by Sunlights expanding network of solar installers. This follows on Tech CU’s previous investments in 2015 and 2017 which totaled $500 million.
Today Sunlight will also hold a ribbon cutting for its new 13,500 square foot operations center in Charlotte, North Carolina, which it notes is four times larger than the previous office in that location.
Loans have been taking market share from third-party solar arrangements in the U.S. residential space for years, and Sunlight’s range of offerings from 5 to 25 years illustrates the increasing flexibility of these products. Sunlight also notes that it offers rapid pre-qualification and approval for solar loans, and that loan payments are often lower than customer utility bills.
Tech CU is based in Silicon Valley and has partnerships with credit unions throughout the nation. The credit union holds $2.4 billion in assets.