Today, Sungage Financial celebrates a bold decision made ten years ago by co-founder, Sara Ross, to start lending money for residential solar installations. In the highly dynamic solar industry, a decade of delivering reliable, flexible financing with exceptional, expert customer service is a noteworthy accomplishment. Headquartered in downtown Boston, with offices in Oakland, Sungage Financial continues to expand, now offering solar, roof and battery loans in 28 states and the District of Columbia.
Ross recalls her personal experience that sparked the company’s origin when she was exploring options for installing solar panels on her own home in 2009. “The opportunity to save money was clear, however, my local bank didn’t understand solar and a solar lease meant forfeiting the value of solar ownership as well as control.” When Sara realized an easy way to finance the purchase of a solar energy system didn’t exist, she set out to fill the void by providing a simple financing solution with great rates that installers could use to help other homeowners just like her.
Partnering with her solar installer, Ross began lending out her daughter’s college savings fund to their customers. When the idea for a solar loan proved popular, she proceeded to build a business which bridged the gap between homeowners, installers, and financial institutions. By February 28, 2011 Sungage Financial was officially formed as the nation’s first exclusive provider of loans designed specifically for residential solar installation.
Since those early days, Sungage has continued to grow by focusing on the same fundamentals: choosing high-quality installation partners and helping them delight their customers through exceptional service and consumer-friendly financing options.
Meanwhile, in the past ten years, Ross’ home solar system has paid for itself and saved her an additional $25,000 in electricity costs — while powering her electric vehicle. She has saved an estimated 200,000 pounds of carbon dioxide. Her daughter’s college savings account has been replenished too.
Working with installer partners, the projects Sungage has financed have helped offset nearly three million metric tons of carbon dioxide with renewable solar energy installations. That’s equivalent to the emissions from burning almost seven million barrels of oil.
“This ten-year milestone is an exciting one to be sure,” said Sungage CEO, Mike Gilroy, “The sky’s the limit for the next decade, as solar costs have decreased, equipment is more efficient, and homeowners understand the benefits to the planet, their household budgets, and the value of control.”
– End –
About Sungage Financial: Sungage Financial is shaping the residential solar industry by offering reliable and flexible financing solutions at the lowest rates available. Sungage enables solar installers to build strong and resilient businesses while helping families save money and live more sustainably. Headquartered in Boston, MA, with offices in Oakland, CA, Sungage currently operates in 28 states as well as the District of Columbia. For more information, please visit www.sungagefinancial.com.