As solar equipment and installation costs continue to fall, system ownership has become more accessible thanks to increasingly attractive solar loan options. Today, most solar loans quoted in the EnergySage Marketplace are conveniently offered to consumers via the installers themselves. However, since not all installers offer all loan products, some consumers may forego an installation simply due to the lack of suitable financing.
To empower property owners with greater choice when evaluating their solar installation options, EnergySage is collaborating with some of the industry’s most innovative lenders for residential and commercial solar. Recent agreements with BlueWave, Renew Financial, and Wunder Capital help ensure that all quotes submitted through the EnergySage Marketplace will have a solar loan option available for consumers to consider.
“Homeowners have so many options right now when it comes to paying for solar,” said Larry Aller, Managing Director of Business Development and Sales at BlueWave. “Offering our Home Solar Loan product through EnergySage is an opportunity for us to access consumers that are in the market for solar and looking for financing, as well as high-quality installers that have been prescreened by EnergySage. Their Solar Marketplace advances our mission of bringing local, low-cost solar to communities and consumers.”
Adding independent lenders into the Marketplace makes solar financing more like the purchase of an automobile, where consumers can get a loan either from the car dealership directly or from a bank or credit union. While some consumers prefer the bundled equipment-financing package, others prefer to unbundle their equipment selection from their financing selection.
“As the solar industry’s only transparent, online marketplace, we have the unique ability to match one consumer with multiple offers from both solar installers and lenders,” said Aaron James, VP of Network Partnerships at EnergySage. “Our data clearly shows that solar adoption increases as consumers are given more choice, and these recent agreements are all part of a broader effort to expand the pool of available options.”
Wunder Capital is offering their commercial loan nationwide, while BlueWave is offering their Home Solar Loan in Massachusetts and Renew Financial is offering their RenewPACE product in California.