ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its Residential Financing Program to better serve the fast-growing U.S. residential solar and LED markets.
The new ReneSola financing program will equip the Company's network of installers with market-leading loan products to help them reach a wider customer base and secure more business. ReneSola installers will have access to a suite of online sales tools to give them better visibility into the loan process and streamline communications to fast-track business. The simplified loan process does not require home equity or appraisals and credits funds directly to homeowners in order to accelerate the payment process.
The loans are available to homeowners with FICO credit scores as low as 650 and allow up to $40,000 in borrowing. Additionally, fixed rates and flexible loan terms offer a wide variety of low monthly payment options. Homeowners in the ReneSola financing program can own their solar systems with no out-of-pocket costs while benefiting directly from associated solar tax credits and all available incentives and rebates.
Kevin Chen, ReneSola's president of Americas said, "ReneSola is pleased to offer one of the most competitive loan packages in the marketplace through Admirals Bank. Their reputation in the industry and their commitment to serving the residential solar market make them a valued partner."
In addition to the company's new financing options, ReneSola's customers can take advantage of the company's full lines of solar and LED products including solar modules, string inverters, microinverters, racking, and LED products for residential and industrial use. ReneSola provides some of the highest-quality, green energy products in the world and the Company's bundled solar packages consisting of modules, inverters, and racking make installing reliable solar systems fast and easy. ReneSola's full line of products are available for financing through this new program.
"ReneSola's focus on accelerating the sales process and helping their customers grow their businesses is in perfect alignment with Admirals Bank's commitment to providing high quality services to the fast-growing U.S. residential solar market," said Admirals Bank chairman and chief executive officer, Nicholas W. Lazares. "The program is designed to foster the growth of the U.S. residential solar market by keeping homeowners' monthly payments low."
