Sungage Financial
Sungage Financial is a provider of loans designed specifically for residential solar installation. The company was founded in 2011 by Sara Ross and her husband, who wanted to go solar but could not find a suitable financing option. They decided to create their own loan product that would allow homeowners to own their solar systems and benefit from tax credits and incentives. Sungage Financial partners with credit unions and banks to offer low-interest loans with various repayment periods. The company also offers a free solar system performance guarantee and an online dashboard to track the loan and solar production.
Features
o Fixed monthly payments
o Choice of loan term from 5 to 25 years
o Option to add battery storage to your loan
o Free solar system performance guarantee
o Online dashboard to track your loan and solar production
Pros - Cons
o Fixed monthly payments
o Choice of loan term from 5 to 25 years
o Option to add battery storage to your loan
o Free solar system performance guarantee
o Online dashboard to track your loan and solar production
Homeowners Ratings
Sungage Financial’s rating scale of approval is based on the borrower’s credit score, income, debt-to-income ratio, and solar system specifications. Sungage Financial requires a minimum credit score of 680 and a maximum debt-to-income ratio of 45%. Sungage Financial also considers the estimated savings and performance of the solar system, as well as the installer’s reputation and experience.
