Sungage Financial raises residential solar loan cap to accommodate large systems

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 industry’s highest lending standard. The need stems from the increasing demand for large solar systems with significant energy storage capacity often found in multi-generational households. These extended family households not only consume more energy, but also strive for solar energy and storage autonomy.

“Financing to meet the energy needs of our expanded family homes makes their transition to solar more feasible, allowing families to offset Hawaii’s high utility bills with manageable fixed payments for solar loans that are not subject to ever-increasing rates,” said Tyler Erickson, director partner at Skyta Solar and Roofing.

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

Financial savings, care for both the elderly and children, job sharing and rising real estate prices are some of the main reasons cited for choosing a multi-generational life, which most adults find very rewarding. In Hawaii, this idea goes even deeper with historical roots dating back to the concept of ohanas – families who help raise each other’s keiki (children) to give them a more complete cultural background.

“Ohana is a very important part of our culture,” explains Kim Keahiolalo of Sungage Financial’s Hawaii office. “It’s about nurturing 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 they all start cooking, doing laundry and doing the business of life, which takes a lot of energy.”

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