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Big Banks Make Big Commitment to Back Solar

Updated: Jan 14, 2020

Loanpal Receives $200 Million Increase Commitment from Goldman Sachs for Residential Solar Loans

KOTA's financier partner, Loanpal, continues to lead the way in terms of financing residential solar loans. Today's big news is huge for Loanpal and the solar field in general. Since solar financing is still a fairly new asset class, as more banks back the industry the price point for solar will continue to come down making solar affordable for everyone.

Here's what Business Insider had to say about the $200 Million Increase:

SAN FRANCISCO, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Loanpal, the nation’s leader in new residential solar loans, today 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 installers the confidence to finance residential solar and help combat climate change with clean-energy products. Loanpal is currently lending $200M/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, home efficiency products that can be financed with Loanpal include smart home performance products, 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.”
About Loanpal
Loanpal is the nation’s leader in new residential solar and storage market loans. The company is committed to delivering a tech-enabled lending experience that is simple, fast and frictionless, resulting in instant approvals at the point of sale. Loanpal has deployed more than $28 billion in loans over the past 16 years. Its platform connects banks to high-quality borrowers for energy solutions to make a positive impact on the planet while building lasting relationships with its valued partners and customers. Loanpal is a proud partner of GivePower, a 5013c corporation, whose mission is to build and deploy solar-powered clean water and energy systems to communities in need around the world.

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