Sunlight Financial

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Sunlight Financial
Industry
  • Financial Services
  • Solar renewables
Founded2014; 7 years ago (2014)
FounderCharles Eaton
Websitewww.sunlightfinancial.com

Sunlight Financial is a point-of-sale specialty finance company. Sunlight partners with contractors nationwide to provide homeowners with simple tech-enabled financing solutions for solar PV installations, battery storage systems, and other environmentally friendly home improvements.

Sunlight has positioned itself as the preferred option for homeowners buying solar systems and completing home improvement projects in the U.S. 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.

In 2019, Sonepar USA, a subsidiary of Sonepar Group, announced that it partnered with Sunlight Financial to create the Accelerate program to address solar installers’ cash flow challenges.[1]

In 2020, Inc. Magazine ranked Sunlight Financial as America’s 12th fastest growing financial services company.[2]

History and background

Sunlight Financial was founded in 2014 by Wilson Chang and Neil Auerbach. to help homeowners transfer to solar in a more efficient manner. At the time, complex leases and power purchase agreements (PPAs) dominated the financing of residential solar installations. With deep roots in Goldman Sachs’ renewable energy and cleantech business, Chang and Auerbach understood the complexity associated with leases and PPAs. They envisioned a simpler consumer loan, secured by the solar power generator system, as a superior means of facilitating mass adoption of residential solar in the U.S., helping consumers to switch to solar to save money and reduce carbon emissions.

Sunlight’s initial solar loan products had immediate traction and the business grew quickly as a subsidiary of Hudson Sustainable Group, LLC, before it was spun out as a standalone business in September 2015 at the close of a substantial financing round. Auerbach stepped down as CEO and transitioned to Executive Chairman and Chang transitioned from his co-founder role to managing finance, strategy, and technology. Both Auerbach and Chang currently remain on the Board, and Sunlight Financial is run by a talented management team.

In November 2020, Sunlight Financial passed $3 billion in funds loaned to finance solar power generator systems and other home improvement projects, originated through the Sunlight platform. Sunlight Financial has successfully helped nearly 100,000 homeowners nationwide install solar, reducing their carbon footprint and saving money.[3]

References

  1. "Sonepar USA Partners with Sunlight Financial". Ted Magazine. October 1, 2019.
  2. "Annual Inc 5000 2020". Inc. Magazine.
  3. "Sunlight Financial hits $3B in rooftop solar loans". Charlotte Business Journal. November 18, 2020.

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