Residential solar financing firm Sungage Financial has launched new financing options for homeowners looking to go solar.

Through a partnership with Participate Energy, qualified Sungage customers will now be able to combine a Sungage loan with Participate’s prepaid third-party ownership option. Sungage officials say the new option will deliver the company’s lowest monthly payment yet, alongside its lowest total cost of ownership.

Under the newly announced financing pathway, Sungage’s loans will finance the upfront prepaid amount due under the solar lease agreement with Participate Energy. That financing will allow the homeowner to legally benefit from the federal commercial solar Investment Tax Credit (ITC), while also providing a path to full system ownership.

“We’re incredibly excited to support our installers and homeowners with loans that enable Sungage’s lowest year one monthly payment yet,” said Michael Gilroy, CEO of Sungage Financial. “Sungage combines the affordability and flexibility our partners expect from us with a new path to ownership for homeowners.”

The partnership will bring Sungage’s full suite of loan products to the prepaid solar market. Qualified homeowners can now pair Participate Energy’s prepaid lease with Sungage’s BrightStart, Sunrise, and LevelPay products to benefit from a fully streamlined, robust financing experience, the company says.

Utilizing energy expertise

Participate Energy brings expertise in prepaid third-party ownership to the new partnership, combining that with Sungage’s 15 years of experience in residential solar financing. The two firms now share an established network of both installers and residential solar customers.

“We’re thrilled to partner with Sungage to bring this financing collaboration to market together,” said J. Stephen Pollock, CEO of Participate Energy. “This partnership gives installers more ways to compete and homeowners more choice in how they approach solar. We believe this is a big step forward for the market and a strong foundation for what our two companies can accomplish together.”

Participate Energy’s residential prepaid lease also provides homeowners with a new opportunity to purchase their system, beginning in year six.

Installers must be both approved and active partners of Sungage and Participate Energy to offer the new financing options.

— Solar Builder magazine