Ginlong Solis‘entire line of Solis Residential Inverters and accessories have been added to the Approved Vendor List (AVL) of Loanpal. Wood Mackenzie Power & Renewable has ranked Loanpal as the second largest residential solar loan provider in the U.S with a 20% market share in that space in 2018.
Ginlong Solis offers a one-stop-shop for PV string inverters sold into the residential, commercial and utility solar market. In 2018, Solis released its new Customer Service Program, providing advanced metrics, ticket tracking, automated RMA submission, and an AI Chat Bot to answer questions 24/7. Ginlong Solis is now listed on the SZSE Stock Exchange after a successful IPO.
Loans are now the dominant residential solar financing option in the US, outperforming third party-owned solar sales in 2018 and Loanpal, founded as Paramount Equity Mortgage ($27 Billion in total loan volume), is now the third-largest residential financier in the U.S., after Sunrun and Mosaic.
Part of the reason Loanpal has jumped to this position after just 15 months in the market is the Loanpal proprietary finTech Platform. Loanpal is focused on the financial piece of the solar purchase and does not install PV systems. The company’s finTech platform serves as a “connective tissue between banks, clean energy system installers and homeowners”. Loanpal’s growing solar installer networks may give them an advantage over traditional loan providers that may get into this space in the coming years.
Woods MacKenzie noted that Loanpal “has the backing of a large mortgage company and the expertise from several seasoned industry executives, which gives them clout”. Loanpal has found a way to roll clean energy loans into the customer’s mortgage and customers can avoid making two separate payments. Loanpal offers zero-down financing and virtually instant loan approvals, sort of like a PayPal for PV systems.
— Solar Builder magazine