Digital Federal Credit Union (DCU), a federally-chartered credit union in Massachusetts, and Sungage Financial, a platform providing homeowners with access to low-cost solar financing, yesterday announced a $100 million residential solar loan program.
Through the new partnership, DCU will leverage Sungage's platform and installer network to finance approximately 4,000 solar installations in the U.S.
Sungage, which offers a solar finance program in Connecticut, will expand its operations to serve installers and homeowners in Massachusetts, New Jersey, and New York.
Next year, Sungage will expand to additional U.S. solar markets.
Sungage, an innovator in solar finance, created the industry's first secured solar loan; a product in which the solar energy system serves as the collateral so no home equity is required.
Enabling homeowners to save on energy and capture the financial benefits of solar ownership, the Sungage Solar Loan, for which DCU will serve as lender, 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.
The program supports 24/7 online access to solar credit, providing installers and homeowners with flexibility and ease throughout the financing process.
Sylvain Mansier, chief financial officer and co-founder of Sungage, said: "We are very excited to partner with DCU, one of the nation's leading credit unions. Our platform, combined with DCU's local, regional, and national reach, as well as their consumer lending expertise, makes it easier than ever for homeowners to go solar and save money. We believe this will be a market-leading program."
Debbie Taverna, vice president of consumer lending at DCU, added: "DCU is thrilled to be partnering in this innovative financing program with Sungage Financial. The partnership provides homeowners with the opportunity to get efficient and reliable solar technology at an affordable cost. Bringing continued value, cost savings, and new product offerings is at the foundation of DCU and what we offer to businesses, consumers and our members."
Homeowners may access the program by contacting installers in Sungage's exclusive network.
Sungage partners with installers based on experience, commitment to quality workmanship, and customer service.
Sungage installer partners provide important benefits to homeowners, including extended repair service coverage and the use of only select solar equipment.
