Tysons, Virginia-based PenFed Credit Union is partnering with San Francisco-based Loanpal to support clean energy tech solutions for homes.
Loanpal offers new residential solar and storage market loans and manages a tech platform to make clean energy products more accessible to homeowners. Through this partnership, the federal credit union will provide capital to help the loan provider’s tech platform deliver these solar assets.
Loanpal will still manage the lending experience from start to finish. Financial terms were not disclosed in a press release.
“We are excited to work with Loanpal and are very impressed with the platform they have developed in the clean energy space,” said PenFed’s VP of lending, Jay Fee, in a statement. “Loanpal’s focus on generating high-quality customers with low default rates and increased prepay speeds aligns well with PenFed’s desire to help more people save money on their everyday expenses.”
Since last year, Loanpal has dished out $2 billion in residential solar loans in the U.S, per the release. The company has been in business since 2003 with a mission to connect banks to high-quality borrowers for energy solutions. This makes Loanpal’s 14th banking partnership.
“Most homeowners want to tap into clean energy products but less than 2% of them actually move forward with it. Access to smart, efficient capital is key to clean energy adoption and we’re able to help drive that change by partnering with forward-thinking companies like PenFed who want make a positive impact,” said Loanpal CEO Hayes Barnard. “I am truly grateful for PenFed’s decision to partner with Loanpal and put their trust in us as we continue to lead the clean energy financing market.”
Through this partnership, Loanpal will also provide real-time performance data and insights into PenFed’s portfolio through its investor portal. The federal credit union reports that it serves 1.8 million customers worldwide with $24.5 billion in assets.
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