Sungage and DCU Creating $100 Million Residential Solar Program

Oct. 16 (Bloomberg) — Sungage Financial Inc., the operator
of an online system to connect lenders with homeowners who want
to install solar power, is working with Digital Federal Credit
Union to provide as much as $100 million for residential
photovoltaic systems.

The loans from DCU will let about 4,000 homeowners in New
York, New Jersey and Massachusetts purchase systems, said
Sylvain Mansier, Sungage’s chief financial officer and co-founder. The Boston-based company has helped about 300 customers
install solar since it was founded in 2011.

“It creates a lot more value for consumers when they own
the solar-energy systems,” Mansier said in a telephone
interview yesterday. “There are hundreds of independent
installers who need a finance guy in their back office, and
that’s a niche we can fill.”

It’s a growing industry. U.S. demand for residential
photovoltaic systems increased 60 percent last year, to 792
megawatts, according to the Solar Energy Industries Association.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade

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