Centrosolar America in collaboration with LightStream, announces the launch of a new homeowners’ loan program for financing residential solar installations. Unlike the more common lease model for solar financing, the Centrosolar America and LightStream loan program means that homeowners can own their systems and keep the tax and utility benefits.
LightStream, the online consumer lending division of Atlanta-based SunTrust Bank, will offer unsecured solar energy loans in amounts up to $100,000 to qualified homeowners. These solar financing loans will be available nationwide through Centrosolar America’s network of more than 600 solar installers in 43 states.
By owning the homeowner also removes any potential obstacles to selling their home. Conversely, with a lease financing program, a prospective home buyer will be required to qualify for both a home mortgage loan and a separate solar lease for the existing system.
As an online lending company, LightStream can offer a virtually paperless application, approval, signature, funding and servicing process for its loans. This saves natural resources and enables the company to offer highly competitive interest rates. There are no prepayment penalties with the LightStream solar energy loans or fees charged to installers or homeowners.
“Our innovative, unsecured loan product, makes it easy for clients to focus their energy on figuring out the right solar installation for their needs rather than getting bogged down in an all-too-often complicated and time-consuming financing process,“ said Gary Miller, business head of LightStream. “Centrosolar America is on the cutting edge of making it easy and more cost-effective for homeowners to ‘go solar.’ We share the Centrosolar America’s client focus, and are pleased that our partnership will make it even easier for their clients to take advantage of renewable energy initiatives.”
The collaborative solar energy loan program will also include integrated online portals that will make it easy for Centrosolar America installers and homeowners to access the LightStream loan process.
“More and more homeowners are looking to own their solar installations and take advantage of the lower costs of ownership versus leasing, as well as the tax and utility benefits,” noted Centrosolar America’s Managing Director, Ram Akella. “Our commitment to our installers and their residential customers is to deliver seamless, turnkey product and service solutions. The loan program with LightStream is another example of this.”