May 16, 2022
Demand for home solar continues to rise, and financers are taking observe. Three lenders expanded their focus and product providing for residential solar final week. Fifth Third Bancorp closed on the acquisition of Dividend Finance, a POS lender for residential renewable energy and home enchancment. PowerPay, which gives shopper lending for home enhancements and elective healthcare, launched its solar financing program, and CommonBond introduced it’s ditching its different segments to solely deal with home solar.
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“The addition of Dividend Finance enhances the scale of our digital service capabilities through its tech-forward platform, provides customers and contractors with a best-in-class experience, and accelerates customer adoption of solar and sustainable home improvements, which are even more compelling given rising energy prices,” mentioned Tim Spence, president of Fifth Third Bancorp. “We expect to grow the Dividend platform significantly and further our ESG leadership position.”
Dividend Finance presents a variety of mortgage merchandise throughout a number of proprietary POS platforms and has constructed a one-stop answer that permits contractors to supply one of the best financing expertise for his or her clients.
PowerPay financing could be utilized to the whole venture together with solar panels, batteries, turbines, roofing and all set up prices. The program presents 20 and 25-year loans with charges beginning at 2.99% and a $100,000 mortgage most. PowerPay presents platform for solar installers to ship aggressive mortgage product with low service provider charges.
“We’re really excited to enter the solar business,” says PowerPay Co-founder & COO David Haas. “Many of our existing home improvement clients already offer solar and have been anxious for us to roll out this program. The market is huge and growing.”
CommonBond launched its solar aspect in 2021, and it rapidly turned its largest and quickest rising enterprise. The firm’s relationships with installers have enabled it to enter the house and develop rapidly. As a part of this transfer, the corporate will stop new scholar mortgage originations by June 15. Nothing adjustments for present CommonBond clients whose loans will proceed to be serviced by Firstmark Services. CommonBond members will even get unique entry to preferential solar financing choices, as will the corporate’s company companions.
“We are excited by the impact we’re having in the residential solar market,” mentioned David Klein, CEO and Co-Founder of CommonBond. “Every day, we hear the stories of our customers saving money on their electricity bill and reducing their annual coal consumption by tons – literally, tons – because of the solar adoption we are enabling. It’s incredibly rewarding.”
Over time, the corporate plans to enter different inexperienced lending markets. Consumers are more and more excited about discovering methods to scale back their carbon footprint, and capital allocators are more and more searching for methods to fund ESG belongings. CommonBond sits on the middle of these two forces.
“This is a giant step forward,” mentioned Brian Hirsch, Managing Director at Tribeca Venture Partners and CommonBond board member. “We are still very early in the consumer adoption cycle of renewable energy, and there needs to be enablers of mass adoption. Digitally native financing is one of those enablers, and that is one of CommonBond’s core strengths.”
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