MARLBORO, Mass. — Digital FCU has introduced a $100-million residential solar loan program it is offering in partnership with Sungage Financial.
The $5.7-billion DFCU plans to finance about 4,000 solar installations nationwide.
"The partnership provides homeowners with the opportunity to get efficient and reliable solar technology at an affordable cost," said Debbie Taverna, DFCU vice president of consumer lending.
Sungage Financial, which offers a solar finance program in Connecticut, is expanding operations to serve installers and homeowners in Massachusetts, New Jersey and New York. Sungage offers secured solar loans, where the solar energy system on the home serves as the collateral. No home equity is required.
DFCU will serve as lender for the Sungage Solar Loan, which does not require a down payment and offers flexible repayment terms. Homeowners start the process with a personalized Solar Savings PlanSM, Sungage's online tool for assessing the financial attractiveness of solar projects, and then apply for credit online.