Chinese module manufacturer ReneSola is to offer loans for residential solar systems to customers in the US.
In a deal with Admirals Bank, the company’s installer network will be able to offer finance to homeowners of up to US$40,000. An online sales platform will be in place for installers to streamline and simplify the process.
“ReneSola is pleased to offer one of the most competitive loan packages in the marketplace through Admirals Bank,” said Kevin Chen, president ReneSola for the Americas. “Their reputation in the industry and their commitment to serving the residential solar market make them a valued partner.”
The loans will be available to customers with poorer credit history and involve no up front costs.
“The programme is designed to foster the growth of the US residential solar market by keeping homeowners' monthly payments low,” said Nicholas W. Lazares, chairman and CEO, Admirals Bank.
Installers in the US have traditionally focused on offering leases but the number of residential solar loan products is increasing steadily.