Sunlight Financial Announces $500 Million Commitment from Tech CU for Residential Solar Loans
The fast growing residential solar financing provider expands an existing partnership; will fund loans for 20,000 homeowners
TEANECK, N.J. & CHARLOTTE, N.C.--(BUSINESS WIRE)-- Sunlight Financial, a leading provider of financing for residential solar systems, and Tech CU (Technology Credit Union), a credit union based in Silicon Valley, today announced the expansion of their partnership and residential solar loan program. Tech CU will commit up to $500 million for about 20,000 more loans originated by Sunlight’s national network of installers.
“We are excited to expand our partnership with Tech CU, an innovative and forward-looking credit union with deep expertise in consumer lending,” said Matt Potere, CEO of Sunlight Financial. “The expansion of our partnership with Tech CU is proof positive that Sunlight’s growth is rapid, sound and sustainable. Many more installers and homeowners will now be able to benefit from Sunlight’s market leading products, pricing and processes.”
Sunlight Financial offers solar installers a wide range of loan products, tailored to each homeowner’s preferred loan structure, tenor and interest rates. The company integrates with solar companies’ existing technology systems and provides access to Sunlight’s easy-to-use online platform, through which homeowners can be instantly approved for loans with monthly payments that are less than their existing utility bills.
“Tech CU appreciates the high quality of Sunlight Financial’s installer partners and underwriting processes,” said Todd Harris, CEO of Tech CU. “We have been very impressed with Sunlight’s rapid growth during our program’s first year. We are thrilled to expand our partnership with Sunlight and look forward to continuing to fund loans for money-saving solar systems for years to come.”
About Sunlight Financial
Sunlight Financial (www.sunlightfinancial.com) is a leading national platform for residential solar lending. The company partners with solar installers, sales organizations and equipment distributors nationwide to help homeowners save money with solar. Sunlight’s tools and credit expertise simplify and streamline online lending, enabling solar companies to quickly empower homeowners with the benefits of system ownership.
About Tech CU
Tech CU (www.techcu.com) is a $2.2 billion credit union serving more than 85,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, Tech CU puts the financial interests of its members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of Tech CU’s growth. Founded in 1960 by a group of forward-thinking employees at Fairchild Semiconductor, today Tech CU continues to be an industry leader, providing innovative financial products for all stages of its members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves high marks for its customer satisfaction and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to financial experts, Tech CU makes 24/7 banking easy and empowering.
For Sunlight Financial
Sharon Golubchik, 201-465-8008
Source: Sunlight Financial
Released May 10, 2017