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CommonBond is Going Solar

Climate change is one of our generation’s greatest challenges (and opportunities).

At CommonBond, we've always seen big problems and wanted to be a part of the solution. It started in higher education with run-away tuition costs and sky-high financing costs. Now, we expand our sights to include climate change and doing our part to accelerate the adoption of renewable energy.

Today, we announced that CommonBond now finances solar panels for homeowners. We launched quietly in the summer of 2021 and are already on track to originate $1 billion in solar loans this year alone.

We are bringing that same customer-centric and tech-enabled focus we're known for in higher education financing to solar financing. And our early Solar customers seem to really like it - "great rate", "excellent service", and "easy to work with" is what they're saying.

Our technology continues to be a large enabler of all those "customer feels" - in addition to increased speed, improved simplicity, and idyllic savings for homeowners and installers. We believe deep tech and high touch go hand-in-hand for a world-class customer experience.

We get excited by impact. It drives what we do, how we do it, and who we hire. We've always wanted to have the broadest impact possible and build our business in a sustainable way - today's announcement is yet another step in that direction.

The strategic rationale for expanding into Solar is multi-dimensional:

  • 77% of our customers have a house or intend to buy one within three years of refinancing their student loan with us
  • Solar lending is a natural extension of the company’s platform technology and lending operation.  
  • The impact of Solar energy - and ESG more broadly - is consistent with CommonBond’s mission for broad social impact at home and abroad.

And here's my favorite stat: In our first full year of solar originations, we expect to reduce the need for the burning of 100 million pounds of coal.

Our core customer in Solar is the homeowner who wants solar on their roof, as well as the solar installer who helps homeowners do that. We're building our Solar business around those two critical groups to enable a seamless energy transition at scale.

  • For consumers who want to put solar panels on their roof, we are connecting directly with them, providing fantastic rates and service, and helping them identify the best solar installer in their area
  • For installers who want to grow their business, provide a better financing experience for homeowners, and deliver lower cost installations, we are integrating our lending technology with their sales processes

We intend to grow our Solar business intentionally, with the customer at our core, and impact on our minds. We believe that's how sustainable businesses are built. And we will continue to expand into markets with products that do the same - help the end consumer and sustain our impact for the long term.

I couldn't be more excited to announce our expansion into Solar, and for what's to come.

David
CEO & Co-Founder
CommonBond

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