Residential solar loans are on the rise, and solar companies are taking note. While some companies focus exclusively on financing solar, many vertically integrated solar companies are now offering financing options as part of one big package.
This is what Astrum Solar, previously acquired by Direct Energy, and Hudson Clean Energy plan to do with their jointly developed Simple Solar Loan Program, a zero-down, long-term financing option for residential solar energy systems. Backed by financing from Hudson, the program is expanding across the nation following months of extensive consumer piloting and overwhelmingly positive consumer feedback.
The loan program is similar to loans launched by SolarCity and Sungage Financial in that it allows homeowners to go solar with no upfront costs. Additionally, the application process has been simplified as much as possible to create a headache-free experience and let customers know quickly if they have been approved or not.
“When it comes to solar financing, simplicity is key. Unlike other options, this program doesn’t involve any complex power price calculations, hidden clauses, or complicated financial engineering. Instead, homeowners can count on one fixed, affordable payment each month,” said Jose Ramos, Astrum’s Chief Marketing Officer. “Adding the Simple Solar Loan Program to our portfolio of financing options empowers our customers to invest in solar while investing in their homes.”
“With the launch of the Simple Solar Loan Program, we have made a strategic and substantial commitment to residential solar that provides a win-win opportunity to Astrum’s customers and to our growing investor base,” said Wilson Chang, Hudson Clean Energy Vice President. “Residential solar loans will only grow more popular over time, and we are confident that our partnership with Astrum will only grow stronger as more consumers see the benefits of solar ownership.”