LoanPal adds PenFed Credit Union to home solar financing platform

Loanpal

PenFed Credit Union, the second largest federal credit union in the United States, is partnering with Loanpal, a leader in new residential solar loans, to use its platform to finance more quality home solar projects. Loanpal is responsible for more than $2 billion in residential solar loans since 2018 and 30% of all new solar loans in the U.S., and PenFed marks Loanpal’s 14th such partnership.

“We are excited to work with Loanpal and are very impressed with the platform they have developed in the clean energy space,” said Jay Fee, PenFed’s Vice President of Lending. “Loanpal’s focus on generating high-quality customers with low default rates and increased prepay speeds aligns well with PenFed’s desire to help more people save money on their everyday expenses.”

Through the partnership, PenFed will have access to Loanpal’s technology platform to deploy capital without the traditional costs associated with a consumer lending platform. Loanpal will manage the entire lending experience, including installer management, origination, funding and servicing. Loanpal will also provide real-time performance data and insights into the PenFed portfolio via Loanpal’s investor portal.

“Most homeowners want to tap into clean energy products but less than 2% of them actually move forward with it. Access to smart, efficient capital is key to clean energy adoption and we’re able to help drive that change by partnering with forward-thinking companies like PenFed who want make a positive impact,” said Loanpal CEO Hayes Barnard. “I am truly grateful for PenFed’s decision to partner with Loanpal and put their trust in us as we continue to lead the clean energy financing market.”

Have you checked out our YouTube page?

We have a ton video interviews and additional content on our YouTube page. Recently we debuted Power Forward! -- a collaboration with BayWa r.e. to discuss higher level industry topics as well as best practices / trends for running a solar business today.

Our longer running side project is The Pitch -- in which we have awkward discussions with solar manufacturers and suppliers about their new technology and ideas so that you don't have to. We've discusses everything from residential rail-less deck attaching and home solar financing to large-scale energy storage value stacking and utility-driven new home solar + storage microgrids.

We also post our Project of the Year announcements there! Interviews with this year's winners will be up starting the week of Nov. 8. Head there and subscribe today to stay on top of all this extra stuff.

Tags:

Comments are closed here.