Sunlight Financial Unveils New 30 Year Loans for Residential Solar

Rhea-AI Summary

Sunlight Financial (NYSE: SUNL) has launched new 30-year loan products for residential solar systems, offering APRs of 1.99%, 2.99%, and 3.99%. This initiative aims to lower monthly payments and increase accessibility to solar energy. The loans, available through hundreds of installation partners nationwide, will support homeowners in financing their solar systems similar to traditional home loans. The company has financed over 160,000 solar systems, significantly contributing to sustainability by avoiding nearly 28 million metric tons of carbon emissions.

Positive

• Introduction of new 30-year loans at competitive rates (1.99%, 2.99%, 3.99%) to improve affordability for homeowners.
• Increased accessibility to solar energy through a broader network of installation partners.
• Established a strong loan performance and credit quality track record.

Negative

• None.

New 30 year 1.99%, 2.99% and 3.99% Loans Lower Monthly Payments for Homeowners Nationwide

NEW YORK & CHARLOTTE, N.C.--(BUSINESS WIRE)-- Sunlight Financial (“Sunlight,” NYSE: SUNL), a premier, technology-enabled point-of-sale financing company, announced a new suite of 30-year loan products for residential solar. Available at Annual Percentage Rates (APRs) of 1.99%, 2.99%, and 3.99%, Sunlight’s 30-year loans reduce monthly payments for residential solar systems, making solar more affordable and accessible. Hundreds of Sunlight installation partners nationwide now offer Sunlight’s 30-year loans to their customers.

“Sunlight enables a homeowner to finance a residential solar system in the same way they likely financed their home – with a 30-year loan,” said Matt Potere, CEO of Sunlight Financial. “The 30-year mortgage is by far the most popular home loan, which is why Sunlight is excited to be the first company to enable installers nationwide to offer 30-year solar loans. Our latest product enhancement will reduce monthly payments, facilitating homeowners’ transition to clean and affordable renewable energy.”

Sunlight’s digital, end-to-end point-of-sale platform delivers instant credit decisions and automated loan processing and funding, creating a seamless process for the sale of residential solar systems and other home improvements. Through thoughtful risk management, Sunlight has delivered outstanding loan performance and industry-leading credit quality to its diverse set of capital providers. The more than 160,000 solar systems financed through Sunlight’s proprietary technology platform, Orange®, as of December 31, 2021 will produce enough solar energy to avoid the emission of nearly 28 million metric tons of carbon dioxide into the atmosphere.

Prospective installation partners can learn more and apply to partner with Sunlight at https://sunlightfinancial.com/enroll/.

About Sunlight Financial
Sunlight Financial (NYSE: SUNL) is a premier, technology-enabled point-of-sale finance company. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. For more information, visit www.sunlightfinancial.com.

Forward-Looking Statements
The information included herein and in any oral statements made in connection herewith may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended. Forward-looking statements may generally be identified by the use of words such as “could,” “should,” “would,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “plan,” “continue,” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Sunlight disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Sunlight cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Sunlight. Such risks and uncertainties include, among others: risks relating to the uncertainty of the projected operating and financial information with respect to Sunlight; risks related to Sunlight’s business and the timing of expected business milestones or results; global supply chain shortages, competition for skilled labor, and permitting delays; the effects of competition and regulatory risks, and the impacts of changes in legislation or regulations on Sunlight’s future business; the expiration, renewal, modification or replacement of the federal solar investment tax credit, rebates and other incentives; the effects of the COVID-19 pandemic on Sunlight’s business or future results; Sunlight’s ability to sustain profitability and to attract and retain its relationships with third parties, including Sunlight’s capital providers and solar contractors; changes in the retail prices of traditional utility generated electricity; the availability of solar panels, batteries and other components and raw materials; and such other risks and uncertainties discussed in the “Risk Factors” section of Sunlight’s Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 29, 2022, and other documents of Sunlight filed, or to be filed, with the SEC. Should one or more of the risks or uncertainties described herein occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Sunlight’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005118/en/

Media Contacts:

Investor Relations

Lucia Dempsey

investors@sunlightfinancial.com

212.584.2321



Public Relations

Yoni Cohen

media@sunlightfinancial.com

201.808.5363

Source: Sunlight Financial

FAQ

What are the new loan products offered by Sunlight Financial (SUNL)?

Sunlight Financial has launched new 30-year loans for residential solar systems with APRs of 1.99%, 2.99%, and 3.99%.

How do Sunlight's loans benefit homeowners?

The new loans lower monthly payments for homeowners, making solar energy more affordable and accessible.

What impact do Sunlight's loans have on carbon emissions?

The financed solar systems are expected to avoid nearly 28 million metric tons of carbon dioxide emissions.

How many solar systems has Sunlight Financial (SUNL) financed?

Sunlight Financial has financed over 160,000 solar systems through its technology platform.