Want a Solar Energy Loan? One Startup Can Help

Solar Energy Loan

Solar energy, while certainly a growing field, is still not accessible and affordable for the average household. But some companies in the Boston area are trying to change that.

Sungage Financial is one of the those companies. The solar energy loan firm offers financial loans to Boston residents who are interested in taking advantage of solar energy but can’t take on the roughly $30,000 investment without help. Founder Sara Ross told Boston Business Journal:

“There was no consumer-oriented finance option for me to help make this expensive purchase … in a way that would maximize my ability to capture a financial benefit.”

The company just raised $5.5 million in funding to grow its team and expand financial offerings to markets outside of Massachusetts. Though the company hasn’t yet announced where it plans to expand its offering, the goal remains to make solar energy a more financially accessible goal for everyday consumers.

Next Step Living is another Boston-based company that just raised funding for solar energy offerings. The company offers rooftop solar products along with a recently launched community solar program.

The community program offers a way for residents without rooftops or the ability to install solar panels at their homes to still take advantage of solar energy by using remotely located solar arrays or gardens.

According to Next Step Living’s founder and CEO Geoff Chapin, about 3,500 people have signed up for the program in the past year.

These are just a few of the programs in Boston and other communities that are coming up with creative ways for people to gain access to solar energy. Like any new technology, the costs can be prohibitive for many consumers to pay for it using traditional methods.

But once you get past the initial cost, the benefits of solar energy cannot be denied. So coming up with creative ways to either pay for or otherwise grant access to solar power can be beneficial both for the environment and consumers.

Image: Next Step Living 4 Comments ▼

Annie Pilon Annie Pilon is a Senior Staff Writer for Small Business Trends, covering entrepreneur profiles, interviews, feature stories, community news and in-depth, expert-based guides. When she’s not writing she can be found exploring all that her home state of Michigan has to offer.

4 Reactions
  1. Can you advise me on solar financing in Georgia?

    • I don’t know of any companies like this off the top of my head but I know there are new startups coming up in different areas all the time. I’d do some research online and ask around in your area! Also, the companies mentioned in the post are looking at expansion – so they could be coming to your community at some point.

  2. I am glad that people are now moving towards renewable sources of energy. It is good for the environment despite the expense.