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The $3.1 billion Tech Credit Union in San Jose, Calif., and Sunlight Financial, a New York City-based fintech, agreed to expand their partnership to finance more than $2 billion to install more than 80,000 residential solar systems.
Tech CU and Sunlight Financial have financed more than 50,000 residential solar systems since initiating their partnership in September 2015. At the end of last year, the credit union reached a milestone of funding more than $1 billion in residential solar loans through its partnership with Sunlight Financial.
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Sunlight Financial originated about 20% of residential solar loans nationwide in 2019. Hundreds of solar installers leverage the company's technology and point-of-sale financing.
"We're excited to expand our partnership with Sunlight Financial, our first and longest standing strategic relationship," Todd Harris, president/CEO of Tech CU, said in a prepared statement Tuesday. "Over the years, Tech CU and Sunlight Financial have built a strong partnership and we look forward to continuing that tradition while accelerating America's transition to renewable energy."
In May, Tech CU also announced plans to invest $1 billion in financing for residential solar loans via a separate partnership with SunPower, a sustainable energy company that provides customers with solar solutions and services.
The Solar Energy Industries Association has ranked California as the No. 1 state that has installed the most amount of solar electric capacity, followed in order by North Carolina, Arizona, Texas, Florida, Nevada, New Jersey, Massachusetts, Georgia and New York.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
