The race to the bottom for interest rates has become a trend in recent years, with Sunlight joining the party last.
Sunlight Financial unveiled a set three new interest rates for residential consumers of solar energy, including a 0% rate for a 12-year loan, 0.49% for 20 years and 1.49% for a 25-year term.
Sunlight said its platform offers instant loan solutions as well as automated loan processing and financing, making it easier to sell solar systems to residential homes. The company provides loans at a rate from 0% to 6.99% for a period from 3 months to 25 years.
More than 135,000 solar systems have been funded through the platform by the end of June, according to the company. The loan provider is also offering an iOS and Android version of its lending platform, which it says is used by many of its 1,500 solar installation partners.
Sunlight said these products will help more customers install solar panels in their homes with lower monthly payments.
And while the rates are low, dealer fees are usually associated with lower rates as well. Dealer fees for a solar loan often hover between 15-25% of the monetary value of a solar panel. In some cases, the solar installer will bear some of the costs and the rest will be contributed to the principal of the loan.
This race to the bottom for interest rates has become a trend in recent years, and installers note the fact that when making decisions, homeowners often care more about the rate associated with their loan than the maximum cost of the solar system.
Last October Mosaic, another solar loan provider, released a loan program offering 0.99% per annum for 20 years and 1.99% for 25-year products.
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