Climate Changed
Ex-SolarCity Execs Are Baking Solar Loans Into Mortgages
- Strategy allows customers to spread payments out over decades
- Move is recognition that solar panels add value to homes
Photographer: Joshua Lott/Bloomberg
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There’s a new way for homeowners to pay for rooftop solar panels. It’s called a mortgage.
Loanpal, led by two former SolarCity Corp. executives, provides loans for rooftop solar panels, then offers to bundle them into conventional 30-year mortgages. It allows customers to spread payments out over decades and, the company says, lower costs.