The demand for solar home energy continues to rise and lenders are taking notice. Three lenders expanded their focus and product offerings for residential solar last week. Fifth Third Bancorp has completed the acquisition of Dividend financinga POS lender for residential renewable energy and home improvement. Power Paywhich offers consumer loans for home improvement and non-emergency healthcare, launched its solar financing program and CommonBond announced that it was dropping its other segments to focus solely on home solar power.
Tracker Month Sponsor
Power your next project with the OMCO Origin bifacial tracker
Bifacial modules capture more energy, resulting in increased solar energy yield. OMCOSolar’s Origin Bifacial Tracker is optimized for bifacial modules for up to 20% higher backside production. Learn more here
“The addition of Dividend Finance enhances the breadth of our digital services capabilities through its advanced technology platform, provides clients and contractors with a best-in-class experience, and accelerates client adoption of solar and sustainability, which are even more compelling given rising energy prices,” said Tim Spence, president of Fifth Third Bancorp. “We plan to significantly expand the dividend platform and strengthen our ESG leadership position.”
Dividend Finance offers a range of loan products across multiple proprietary POS platforms and has developed a unique solution that enables entrepreneurs to provide the best financing experience to their customers.
PowerPay financing can be applied to the entire project, including solar panels, batteries, generators, roofing and all installation costs. The program offers 20 and 25 year loans with rates starting at 2.99% and a maximum loan of $100,000. PowerPay provides a platform for solar installers to offer a competitive loan product with low merchant fees.
“We are really excited to be entering the solar energy business,” says PowerPay co-founder and COO David Haas. “Many of our current home improvement customers already offer solar power and are eager for us to roll out this program. The market is huge and growing.
CommonBond launched its solar side in 2021, and it quickly became its largest and fastest growing business. The company’s relationships with installers allowed it to enter the space and grow rapidly. As part of the move, the company will stop new student loans by June 15. Nothing changes for current CommonBond customers whose loans will continue to be managed by Firstmark Services. CommonBond members will also have exclusive access to preferential solar financing options, as will the company’s corporate partners.
“We are excited about the impact we are having in the residential solar market,” said David Klein, CEO and co-founder of CommonBond. “Every day we hear the stories of our customers who are saving money on their electricity bill and reducing their annual coal consumption by tons – literally, tons – thanks to the adoption of solar energy that we It’s incredibly rewarding.
Over time, the company plans to enter other green loan markets. Consumers are increasingly interested in finding ways to reduce their carbon footprint, and capital allocators are increasingly looking for ways to fund ESG assets. CommonBond sits at the center of these two forces.
“It’s a giant leap,” said Brian Hirsch, managing director of Tribeca Venture Partners and CommonBond board member. “We are still very early in the cycle of consumer adoption of renewables, and there need to be catalysts for mass adoption. Digital native financing is one of those catalysts, and it is one of the main strengths of CommonBond.
Have you checked out our YouTube page?
We have a ton of video interviews and additional content on our YouTube page. Recently we debuted Power forward! — a collaboration with BayWa re to discuss high-level industry topics as well as best practices/trends for running a solar business today.
Our longer side project is Field — in which we have awkward talks with solar manufacturers and suppliers about their new technologies and ideas so you don’t have to. We discussed everything from residential trackless bridge attachment and home solar financing for large-scale energy storage value stacking and new utility house solar micro-grids + storage.
We also publish our Project of the year ads there! Interviews with this year’s winners will begin the week of November 8. Go ahead and subscribe today to stay up to date with all that extra stuff.