Sungage Financial Increases Solar Financial Loan Cap for Large Projects

Sungage Financial provides residential solar financing of up to $200,000 to assist installers in meeting the increasing demand for more complex solar systems and storage systems. This is due to the increasing demand for large solar systems that have significant energy storage capacity. These extended family households not only use more energy but also pursue solar energy and storage autonomy.

According to PEW research, nearly 60 million people live in multigenerational homes. This is 18% of all Americans. Sungage Financial, which is a residential solar finance firm that operates in 45 US states, noticed this trend and needed to offer more solar financing options in Hawaii.

Multigenerational living is a popular choice for many reasons. These include financial savings, caring for the elderly and children, sharing chores and rising property prices. Most adults find multigenerational living very rewarding. In Hawaii, this idea goes even deeper with historic roots dating back to the concept of ohanas – families helping raise each other’s keiki (children) to give them a more complete cultural background.

“Ohana is a very important part of our culture,“ Kim Keahiolalo of Sungage Financial’s Hawaii office explains. “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 kids in the household means that they are all going to cook, do laundry, and go about life’s business, which uses a lot of energy.”

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