CommonBond has announced the launch of its new solar financing business. By providing affordable financing options for the installation of solar panels, the company is enabling more homeowners to save money on their monthly electricity bill and reduce their carbon footprint.
Best known for its student lending business, CommonBond launched its solar financing business in “stealth mode” in Q3 2021 and is already on pace to do $1 billion of solar originations in 2022.
“We’ve built best-in-class lending technology that enables speed, simplicity and savings for customers in multiple product categories,” said David Klein, CEO & co-founder of CommonBond. “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.”
“We believe that cost and awareness are two major obstacles to residential solar adoption,” said Robb Granado, president of CommonBond. “CommonBond has built a unique set of capabilities for solar installers and homeowners to address those obstacles.”
There are three ways solar installers work with CommonBond to increase sales velocity and deliver best in class service to their customers:
- 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.
News item from CommonBond