NEW YORK–Sunlight Financial, which describes itself as a “premier, technology-enabled point-of-sale residential solar financing platform,” said San Jose, Calif.-based Tech CU has committed to fund another nearly $2.5 billion in residential solar and storage systems sold and installed by Sunlight partners over the next three years.
The agreement expands upon a long-term partnership between Sunlight and Tech CU that began in 2015. The company said the new commitment is expected to fund approximately 75,000 solar systems, which will produce enough solar energy to avoid more than 7.5 million metric tons of carbon dioxide emissions into the atmosphere.
“We are pleased to extend and expand, for the fourth time, our strategic and long-term collaboration with Tech CU,” said Sunlight Financial CEO Matt Potere. “For more than five years, Sunlight has delivered to Tech CU the best performing loans in residential solar, with the industry’s highest credit quality and lowest credit losses. With Tech CU’s support, Sunlight will continue to offer innovative loan products and financial services via our proprietary and highly-rated technology platform, Orange.
Terms from 5-25 Years
Sunlight Financial said it offers a comprehensive suite of five- to 25-year solar loans for a wide range of residential property types. The company added it is able to deliver both instant credit prequalifications and approvals for solar loans that typically result in lower monthly payments (combined loan payment plus remaining utility bill) than homeowners’ pre-solar utility bills.
Orange is accessible to solar installers partnered with Sunlight directly, or through a technical integration with an installer’s platform, the company said, adding Orange also allows Tech CU to track loans in its pipeline and pull details on loans already funded by it from Sunlight’s dedicated capital provider portal and enables individual borrowers to access information on their loans via a separate consumer portal.
‘Accelerating Transition’
“Over the years, we have built a strong partnership with Sunlight Financial predicated on accelerating America’s transition to renewable energy,” said Todd Harris, CEO of the $3.6-billion Tech CU. “Sunlight Financial’s high-quality installer partners and underwriting processes are appreciated by Tech CU, and we look forward to extending our partnership.”
Tech Credit Union has approximately 139,000 members.