PowerPay branches into home solar financing

US financial technology firm PowerPay, a provider of consumer lending for home improvements and elective healthcare, this week said it is branching into financing for residential solar amid continued rapidly rising demand for sustainable energy.

The company’s solar financing programme will provide 20-year and 25-year loans of up to USD 100,000 (EUR 96,000) with rates starting at 2.99%. Besides solar panels, financing could cover batteries, generators, roofing and all installation costs.

PowerPay co-founder David Haas said the company sees potential to build solar into a multibillion vertical.

“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,” commented Haas.

PowerPay says it provides consumer financing services to more than 8,000 contractors and has processed USD 1 billion in loans since its creation in 2020.

(USD 1 = EUR 0.961)

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