Launching a solar lending program can be a great way for banks and credit unions to support the growth of renewable energy while also generating new revenue streams. Here are some steps lenders can take to launch a solar lending program:

1. Conduct Market Research: The first step in launching a solar lending program is to conduct market research to determine the level of interest in solar energy among the bank's existing and/or target customers. This research can involve customer surveys, focus groups, or data analysis to identify the target market and the potential demand for solar loans.
2. Develop a Solar Loan Product: Once the target market is identified, the bank or credit union should develop a solar loan product that is tailored to the needs of the customers. This can involve working with solar installation companies to offer financing options, offering lower interest rates, and other incentives to attract customers.
3. Develop a Marketing Strategy: The bank should develop a marketing strategy to promote the solar loan product to potential customers. This can involve advertising in local media, partnering with solar installation companies to promote the product, and offering educational materials to help customers understand the benefits of solar energy.
4. Train Employees: The bank should train its employees to handle inquiries and applications for solar loans. Employees should be knowledgeable about the loan product and the solar industry in general so they can answer questions and provide assistance to customers.
5. Monitor Performance: Finally, the bank should monitor the performance of its solar lending program to ensure that it is meeting the needs of its customers and generating the desired results. This can involve tracking loan volume, customer satisfaction, and other metrics to identify areas for improvement.

Launching a solar lending program can be a great way for banks to support the growth of renewable energy while also generating new revenue streams. By following these steps, banks and credit unions can develop a successful solar lending program that benefits both their customers and the environment.

Atmos builds bespoke best-in-class solar lending programs for lenders in as little as a few weeks. Through Atmos, banks and credit unions earn fee income, an attractive NIM, minimize program operating costs and acquire high-potential customers.

Schedule time with Atmos Financial for more information on building a solar lending program.