Fintech company CommonBond, best known for its student lending business, officially launched its new solar financing business this week. The company unofficially debuted this solar financing side in “stealth mode” in Q3 2021, and it apparently went well: CommonBond is already on pace to do $1 billion of solar originations in 2022.
“Our mission has always been to provide our customers with differentiated products that meet their evolving financials needs, and solar is our next big product at scale,” said David Klein, CEO & Co-Founder of CommonBond.
CommonBond expanded into solar for a few strategic reasons:
- 77% of its customers have a house or intend to buy one within three years of refinancing their student loan with the company.
- The company’s extensible lending technology allows for rapid product innovation to meet the evolving needs of its customers and to fill unmet needs in the market.
“Residential rooftop solar power generation is one of the best ways to reduce your carbon footprint, but adoption has been slower than it should be,” said Robb Granado, President of CommonBond. “We believe that cost and awareness are two major obstacles to residential solar adoption. CommonBond has built a unique set of capabilities for Solar Installers and Homeowners to address those obstacles.”
How do I work with Commonbond?
There are three ways solar installers work with CommonBond and possibly increase you sales velocity:
- API-based point of sale integrations for a fully integrated sales and financing experience
- Web and app-based point of sale portals for installers to quickly and easily access CommonBond financing solutions
- Integrations with leading solar proposal generation tools
“Our technology lowers costs for both installers and homeowners. And the friendly service we’re known for is a breath of fresh air for everyone,” said Granado.
In 2020, CommonBond was named to the Inc 5000 list, which highlights the fastest growing private companies in the U.S. The company grew 2x in 2021 and expects to double again in 2022.