Sunlight cuts interest rates on residential solar loans – pv magazine USA
The race to the bottom of interest rates has been a trend in recent years, and Sunlight is the latest to join in the fun.
Sunlight Financial rolled out a series of three new interest rates for residential solar customers, including 0% for a 12-year loan, 0.49% for 20 years and 1.49% for a 25-year term .
Sunlight said its platform offers instant credit decisions and automated loan processing and financing, making it easier to sell residential solar systems. The company offers instant loans with rates from 0% to 6.99%, and terms from 3 months to 25 years.
More than 135,000 solar systems have been funded through the platform through the end of June, the company said. The loan provider also offers an iOS and Android version of its lending platform, which it says is used by many of its 1,500 home improvement and solar installation partners.
Sunlight said these products will help more customers install solar power in their homes with lower monthly payments.
And, while the rates are low, the dealer’s fee is usually associated with a lower rate as well. The fees of solar loan brokers often vary between 15 and 25% of the cash value of the solar panel. In some cases, the solar installer absorbs part of the costs and the rest is incorporated into the principal of the loan.
(Read “Solar 101: How To Pay For Your Rooftop Solar Investment”.
This race to the bottom of interest rates has been a trend in recent years, with installers noting that when making decisions, homeowners often care more about the rate on their loan than the cost price. of the solar system.
Last October, Mosaic, another solar loan provider, has released a loan program offering 0.99% 20-year APR and 1.99% for 25-year products.
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