Chinese vertically integrated solar company JinkoSolar has entered into a partnership with tech finance company GreenSky to offer U.S. residential solar customers the chance to install rooftop systems with the aid of a low-cost loan.
Available immediately in all 50 states, the financing package enables installers that choose JinkoSolar panels to register for GreenSkys loan program and technology platform, which have been designed to expedite payment plans for customers eager to adopt solar with low or no upfront costs.
For the installers, there is also an incentive to adopt the scheme JinkoSolar will offer "progress payments" for each installation, in the hope that installers can operate with a better cash flow and, thus, have the opportunity to take on more jobs.
"Our mission aligns nicely with GreenSkys mission," explained JinkoSolars director of business development Jeff Juger. "We seek to help our installers grown and delight their customers. Many installers are technically proficient but lack the financing options that appeal to homeowners. This program will give our installers a competitive edge, as homeowners increasingly look to own their own solar systems."
GreenSkys SVP of account management, Jeffrey Gold, added that the company has already financed $600 million in solar systems in the U.S., and expects the JinkoSolar partnership to deliver wider reach throughout the residential PV market, which is growing at an unprecedented pace.
Data published yesterday by GTM Research and Solar Energy Industries Association (SEIA) revealed that the U.S. solar market grew 17% in 2015 overall, with the residential sector expanding by a massive 66%, adding 2 GW of new capacity in the space of 12 short months.