BOSTON and BALTIMORE, July 27, 2022 /PRNewswire/ — EnergySage, the leading renewable energy marketplace for residential and commercial customers, and Sunstone Credit, Inc. (“Sunstone”), a technology-enabled solar loan finance platform for businesses, today announced a partnership to further a shared mission of accelerating and facilitating solar adoption and ownership among businesses. This partnership will make it easier for businesses, including nonprofits, to understand their options for financing a solar system, and to apply for a solar loan without friction by leveraging the best-in-class platforms offered by both EnergySage and Sunstone.
As inflation and utility rates continue to rise, and as investors, lenders and customers increasingly demand sustainable solutions, businesses across the country are exploring solar as a way to save money and reduce their carbon footprint. For nearly a decade, EnergySage has been helping people make smarter energy decisions through education, simplicity, transparency, and choice. Now, through the partnership with Sunstone, any business or property owner that registers with EnergySage to comparison-shop custom quotes for a solar energy system will have access to financing via Sunstone’s suite of low-rate, long-term loan solutions.
“Historically, getting a loan for a solar energy system has been a major barrier for most businesses and nonprofits,” said Charlie Hadlow, VP of Marketplace Growth at EnergySage. “Small and medium-sized businesses have been overlooked and underserved for too long by our industry despite their enormous impact on the economy, their potential to help combat climate-change, and the many benefits of switching to solar as a business. By teaming up with Sunstone, EnergySage is able to quote any business interested in going solar through our Marketplace, a financing solution that’ll cover 100% of the cost. It’s a real game-changer for a relatively untapped segment of the market.”
The market size for commercial solar in the US is estimated at over $1 trillion, but so far has only seen 2% penetration. This is due in large part to limited access to solar ownership, which is often the most economical option for business owners since it allows them to take full advantage of the available tax incentives and energy savings. Without the availability of loans for solar, businesses would need to pay cash for their system or navigate the considerable complexities of government sponsored lending programs and third party owned arrangements. Sunstone’s easy, borrower-friendly loan financing solutions will enable more businesses to reap all the benefits of solar ownership including utility and tax bill savings, energy independence and environmental sustainability.
Just as small and medium-sized businesses are the backbone of the American economy, industry partners, including hundreds of solar installers and developers nationwide, are the backbone of both EnergySage and Sunstone’s mission. By providing more businesses with access to solar ownership, the partnership between EnergySage and Sunstone will increase the number of commercial customers for industry partners, thus driving growth for their businesses as well.
“The Sunstone mission has always been about helping businesses save money and become more sustainable through access to clean, renewable solar energy,” said Duncan Hinkle, Co-Founder and Head of Business Development at Sunstone. “Having a partner as well-regarded and mission-aligned in this pursuit as EnergySage will accelerate our ability to bring low cost, efficient financing to business borrowers and grow the commercial solar market for years to come.”
About EnergySage, Inc.
EnergySage is the leading online comparison-shopping marketplace for rooftop solar, …….