Sunlight Financial, a technology enabled point-of-sale finance company, announced that more than $3 billion in loans to finance solar systems and other home improvement projects have been originated through the Sunlight platform. Nearly 100,000 homeowners nationwide have installed solar with Sunlight’s support. The more than 750 MW of solar that these nearly 100,000 Sunlight financed systems will produce is enough solar energy to avoid more than 15 million metric tons of carbon dioxide emissions.
“Our team is honored to have helped nearly 100,000 homeowners reduce their carbon footprint and save money,” said Sunlight Financial CEO Matt Potere. “We are also very proud of our market-leading loan performance. Sunlight’s industry-low default rates translate to low-cost capital for Sunlight and higher risk-adjusted returns for our capital providers, and allow us to deploy a wide range of financial products to fuel the growth of our solar installer partners. The diverse product suite, user-friendly processes and innovative tools that drove Sunlight’s rapid ascension to $3 billion in loans will continue to catalyze strong growth into the future.”
Inc. Magazine recently reported, in its 2020 list of the 5,000 fastest growing private companies, the Inc. 5000, that Sunlight Financial’s three-year revenue growth of over 2,000% ranks it 12th on the list of financial services companies and 205th overall. The key innovative loan products and tools that propelled Sunlight to $3 billion in funded loan volume include:
- First to market with low interest rate loans such as loans with tenors and rates of 12 year 0.99%, 15 year 0.99% and 20 year 1.49%
- Available loans for adjacent products including solar batteries, non-solar add-ons such as energy efficiency improvements and other home improvements
- An integrated prequalification tool for quick indications of customer eligibility
- A Rewards program (points redeemable for goods and services) to build contractor salesperson loyalty to Sunlight
- Support services for small and medium sized businesses such as administering customer rebates on financed systems
- Proprietary portals for quick access to loan information for both homeowners and Sunlight’s network of capital providers
Sunlight’s go-forward market opportunity is also significant. Only about 3% of homeowners in the U.S. currently have rooftop solar and, with the increasing cost of traditional forms of energy and decreasing cost of solar, the residential solar industry will continue to grow. In addition, Sunlight’s 2019 entry into the $400 billion home improvement market has been met with enthusiasm. Hundreds of contractors have already chosen Sunlight as their financing partner.
News item from Sunlight Financial