Digital FCU Inks $100 Million Solar Loan Participation Deal

Agreement will allow homeowners to add solar systems to residences.

By Michelle Samaad | September 27, 2013 at 05:46 AM

Serving as the lead lender, Digital Federal Credit Union will team up 36 other credit unions in a $100 million loan participation arrangement to provide solar loans to homeowners.

The $5 billion credit union in Marlborough, Mass., said the deal with SunPower Corp., in San Jose, Calif., allows homeowners who join DCU to receive a loan of up to $50,000 for a high-efficiency solar power system.

The loans, which will be originated from DCU, can be shared with other credit unions that will work directly with their respective members who are homeowners.

Available for terms up to 20 years, DCU said borrowers may also be eligible for the 30% federal tax credit that is available for the installation of solar power systems.

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