August 4, 2022
  • August 4, 2022

Sungage Financial raises loan cap to fund large

By on July 20, 2022 0

BOSTON and OAKLAND, Calif. and HONOLULU, July 20, 2022 (GLOBE NEWSWIRE) — To help installers meet the growing demand for more complex solar and storage systems, Sungage Financial can now provide residential solar financing for up to $200,000. $ per project – the highest standard loan limit in the industry. The need stems from the growing demand for large solar systems with significant energy storage capacity often found in multi-generational households. Not only are these extended families consuming more energy, but they are also seeking self-sufficiency in solar power and storage.

The number of people living in multigenerational housing has quadrupled over the past 30 years, reaching nearly 60 million, or 18% of the US population, according to a PEW study.1 Sungage Financial, a residential solar finance company operating in 45 states, first noticed this emerging trend and the need for higher solar finance options in Hawaii. In fact, Hawaii ranks #1 in the United States for the most multigenerational families sharing a home, according to the US Census Bureau, with more than 250,000 people living in multigenerational households.

Financial savings, elder and child care, task sharing and rising house prices are among the top reasons cited for choosing multi-generational living, which most adults find very rewarding. In Hawaii, this idea goes even further with historical roots going back to the concept of Ohanas – families who help each other to raise their keiki (children) in order to give them a more complete cultural background.

“Ohana is a very important part of our culture,” explained Kim Keahiolalo of Sungage Financial’s Hawaii office. “It’s about fostering love and lasting relationships with our extended families in addition to the economic and social benefits. Having all these people and so many children in the household means that they will all be cooking, washing clothes and going about their business, which consumes a lot of energy.

“Financing to meet the energy needs of our extended family homes makes their transition to solar power more easily achievable, helping families offset Hawaii’s high utility bills with manageable fixed solar loan payments that are not not subject to ever-increasing rates,” Tyler Erickson of Skyta Solar and Roofing, one of Hawaii’s leading solar companies and longtime partner of Sungage Financial, said.

About Sunge Financial
Sungage Financial is shaping the residential solar industry by offering reliable and flexible financing solutions at the lowest rates available. Sungage empowers solar installers to build strong, resilient businesses while helping families save money and live more sustainably. Based in Boston, MA with offices in Oakland, CA and Honolulu, HI, Sungage currently operates in 44 states, plus the District of Columbia. For more information, please visit www.sungagefinancial.com.

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1 https://www.pewresearch.org/social-trends/2022/03/24/financial-issues-top-the-list-of-reasons-us-adults-live-in-multigenerational-homes/

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