PenFed Credit Union, the second largest federal credit union in the United States, is partnering with Loanpal, a leader in new residential solar loans, to use its platform to finance more quality home solar projects. Loanpal is responsible for more than $2 billion in residential solar loans since 2018 and 30% of all new solar loans in the U.S., and PenFed marks Loanpal’s 14th such partnership.
“We are excited to work with Loanpal and are very impressed with the platform they have developed in the clean energy space,” said Jay Fee, PenFed’s Vice President of Lending. “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.”
Through the partnership, PenFed will have access to Loanpal’s technology platform to deploy capital without the traditional costs associated with a consumer lending platform. Loanpal will manage the entire lending experience, including installer management, origination, funding and servicing. Loanpal will also provide real-time performance data and insights into the PenFed portfolio via Loanpal’s investor portal.
“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.”
— Solar Builder magazine