Oct 17, 2014 - US solar funding provider Sungage Financial on Thursday clinched a deal with Digital Federal Credit Union (DCU) to jointly provide USD 100 million (EUR 78m) in loans to homeowners willing to go solar.
The partnership will facilitate the construction of about 4,000 residential photovoltaic (PV) systems across the US. The loans will be initially available to solar installers and homeowners in Massachusetts, New Jersey and New York, while more states will be included in the programme next year. Sungage currently offers solar financing solutions in Connecticut.
The solar loan to be provided by the pair will not require a down payment and will have flexible repayment terms. Homeowners will be able to access the programme through the Sungage exclusive network, DCU said.
The US added 1,133 MW of solar power capacity in the second quarter of 2014, up 21% year-on-year, the Solar Energy Industries Association (SEIA) and GTM Research said in a report last month. For the full-year, PV capacity additions are seen to be 6,500 MW.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.