ReneSola Launches Residential Solar Loan with Admirals Bank

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Solar loans are getting more popular all the time, with GTM Research even predicting they’ll lead to a trend of solar ownership in 2015.

More than one residential solar company has gotten in on the action. Now they’re being joined by ReneSola (NYSE: SOL), a brand and technology provider of solar PV products. The company just announced its Residential Financing Program to better serve the fast-growing U.S. residential solar and LED markets.

ReneSola says its new financing program will equip its network of installers with market-leading loan products to help them reach a wider customer base and secure more business. ReneSola installers will have access to a suite of online sales tools to give them better visibility into the loan process and streamline communications to fast-track business.

As is the case with many of these loans lately, the loan process has been simplified to not require home equity or appraisals — and it credits funds directly to homeowners in order to accelerate the payment process.

The loans are available to homeowners with FICO credit scores as low as 650 — similar to a solar lease — and allow up to $40,000 in borrowing. Additionally, fixed rates and flexible loan terms offer a wide variety of low monthly payment options. As with a solar lease, homeowners in the ReneSola financing program can own their solar systems with no out-of-pocket costs — but one thing that sets the loans apart from solar leases is that the homeowner can benefit directly from associated solar tax credits and all available incentives and rebates.

Kevin Chen, ReneSola’s president of Americas, said in a statement, “ReneSola is pleased to offer one of the most competitive loan packages in the marketplace through Admirals Bank. Their reputation in the industry and their commitment to serving the residential solar market make them a valued partner.” Admirals Bank has been a pioneer in residential solar loans.

In addition to the company’s new financing options, ReneSola’s customers can take advantage of the company’s full lines of solar and LED products, including solar modules, string inverters, microinverters, racking, and LED products for residential and industrial use. ReneSola’s bundled solar packages consisting of modules, inverters, and racking make installing reliable solar systems fast and easy. ReneSola’s full line of products are available for financing through this new program.

“ReneSola’s focus on accelerating the sales process and helping their customers grow their businesses is in perfect alignment with Admirals Bank’s commitment to providing high quality services to the fast-growing U.S. residential solar market,” said Admirals Bank chairman and chief executive officer, Nicholas W. Lazares. “The program is designed to foster the growth of the U.S. residential solar market by keeping homeowners’ monthly payments low.”

The loan program is available in all 50 U.S. states.