Solar Power WorldJanuary 13, 2020633
Residential solar loan provider Loanpal announced it has expanded its partnership with Goldman Sachs to finance an additional $200 million in residential solar loans, bringing their total financing commitments to $635 million. Additionally, the partnership will now allow Loanpal to finance hundreds of new products for homeowners that make up the $200+ billion annual home efficiency market.
Loanpal, a fintech company leveraging its deep expertise in technology, data and lending to make clean energy products more accessible for homeowners, gives banking partners and solar installers the confidence to finance residential solar panel installations and help combat climate change with clean-energy products. Loanpal is currently lending $200 milion/month in residential solar loans and are already responsible for more than 30% of all new residential solar loans in the U.S. Each month they help 6,000 new families go solar.
“Goldman Sachs has been an exceptional partner and supporter of Loanpal’s mission to help homeowners decrease their carbon footprint and live a more sustainable lifestyle,” said Loanpal CEO Hayes Barnard. “The expansion of Loanpal’s platform to include additional home efficiency products will further empower homeowners to adopt products that have a long-term impact on protecting our planet.”
Through Loanpal’s proprietary technology platform, select home improvement partners will now be able to offer 0% financing to their customers looking to add home efficiency products to their home. In addition to solar panels, home efficiency products that can be financed with Loanpal include smart home performance products, solar battery storage, HVAC, windows and doors, landscaping and turf, LED lighting and water efficiency.
“Having access to attractively priced capital is key for the continued adoption of clean-energy products by homeowners,” said Katrina Niehaus, head of Corporate Structured Finance Investment Banking at Goldman Sachs. “Loanpal has proven to be a leader in the clean energy financing space helping drive the financing of residential solar and other environmentally friendly products.”
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