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Digital Federal Credit Union (DCU), a federally-chartered credit union based in Massachusetts, and Sungage Financial, a platform that provides homeowners with access to low-cost solar financing, together launched a US$100 million residential solar loan program. Through this new partnership, DCU will leverage Sungage’s platform and installer network to finance approximately 4,000 solar installations nationwide.
Sungage 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.
Sylvain Mansier, CFO and co-founder of Sungage, said, “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, said 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,” he emphasized.