PODCAST: Providing funds for solar power
Loans allows homeowners to tap into alternative energy sources.
The foray into solar lending at UMassFive College Federal Credit Union began with a desire to create a new loan product and simple Google search on “solar energy.”
“If you want to grow at a pace that’s a little better than average, you need to look for new opportunities,” says Rich Kump, CEO of the $500 million asset credit union in Hadley, Mass. “I had been keeping my eye on solar for about five years before we really got serious about it.”
UMassFive introduced a solar loan program four years ago, and Kump says demand for loans that provide homeowners with financing to purchase and install solar electric systems was high from the start. The credit union has originated nearly $60 million in solar loans.
“I didn’t think it was a highly demanded product until I opened my eyes and I realized how much solar was happening in the commonwealth,” Kump says. “I had been blind to it.”
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