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Compile a list of financial institutions invested in residential solar loans
Hello! Thank you for asking Wonder to create a list of financial institutions invested in residential solar loans.
The most useful sources I found to answer your question were databases like Crunchbase and Owler that report earnings and usually have company contact information.
The short version is that the following companies focus largely on residential solar financing: Admirals Bank, Green Sky, Mosaic, Sunnova, Enerbank, Sungage, Dividend, Medallion Bank, Sun Power, and Energy Finance Solutions. You can find a link to the spreadsheet here that has a summary of the findings for easy access and comparison. If I could not find the information requested for a certain company, it is indicated in the spreadsheet with an N/A. Below you will find a deep dive of my findings.
METHODOLOGY
A typical Wonder list is comprised of ten companies. I started by using the suggested site, Energy Sage to begin my search. I looked through the different companies to be sure that each made residential loans and I narrowed it down to ten companies that solely or predominantly focus on solar financing.
FINDINGS
1. Admirals Bank offers residential customers an unsecured "SolarPlus Loan" that gives borrowers the option to borrow up to $15,000 as an additional amount and up to $40,000 for a single home improvement. In 2014, Admirals Bank launched a solar funding program worth $200 Million. Brian Shortsleeve is the managing director.
2. Green Sky Credit focuses on home improvement loans. They can customize lending for homeowner's needs. Their revenue is $360 million, and a contact is David Zalik.
3. Mosaic has recently received $40 million in funding. Based in Oakland, Ca, they cater to homeowners for residential solar lending. Contact support@joinmosaic.com (510)292-4328, Tony Bako or Billy Parrish.
4. Sunnova provides a "locked-in" rate for years to come to homeowners. Their revenue is $70.1 million, and the contact is William J. Berger.
5. Enerbank is based in Salt Lake City and loans throughout the 50 states. They focus on home improvement loans as well as home energy loans. They report a revenue of $2 million and the contact is Charlie Knadle.
6. Sungage "has already made solar loans totaling over $2.2 million to more than 100 Connecticut homeowners." $8.77 million in reported revenue, contact Sara Ross.
7. Dividend has been funded with over $200 million in a merger with PACE funder FigTree. They "have built a platform that allows these local and regional contractors to compete and win, and to offer a better product to homeowners." Contact eric@dividendsolar.com (410) 370-2211.
8. Medallion Bank focuses on solar and home improvement loans. Medallion Bank is based in Salt Lake City and has a revenue of over $77 million. "Additional information is available at www.medallionbank.com or by contacting John M Taggart at (801) 284-7065."
9. Sun Power provides financing for its product line of solar systems. With revenue of $2.6 billion, Tom Werner is the CEO with contact information at customercare@sunpower.com, 1(800)786-7693.
10. Energy Finance Solutions offers an easy online application for homeowners with contact at efs@energyfinancesolutions.com. They supply solutions for Hawaii, New Your, New Jersey and Maryland homeowners.
CONCLUSION
To wrap it up, ten companies who provide financing to homeowners for residential solar systems include Admirals Bank, Green Sky, Mosaic, Sunnova, Enerbank, Sungage, Dividend, Medallion Bank, Sun Power, and Energy Finance Solutions. Please access the spreadsheet here.
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