Open Energy Launches Broad Updates for First-Ever Online Commercial Solar Loan Portal
Open Energy, an innovative provider of debt financing solutions for U.S. commercial solar projects, recently announced the release of the newest edition of its proprietary online commercial solar loan platform. Since its launch one year ago, the platform has reduced transaction costs for solar developers by up to 70 percent and reduced the time needed to close a loan from approximately six months to as little as 60 days. These advancements have enabled the financing of a wide variety of U.S. non-residential solar projects. The upgraded edition offers new online versions of all loan products and a further refined user experience.
“Our iterations to enhance the Open Energy platform have been in direct response to our developers’ feedback and needs,” said Graham Smith, founder and CEO of Open Energy. “Ultimately, developers are our partners, and we work with them closely to help bring their projects to fruition.”
The new version of the platform features the following updates:
- An improved user experience adapted to make for a highly streamlined financing application process
- The option to apply for a construction loan, a term loan, both, or a project refinancing
- New document uploading and storage capabilities for project due diligence
- A rapid turnaround time for indications and term sheets
Since the platform’s launch last year at Solar Power International, one of the largest solar conferences in the United States, Open Energy has seen more than 170 applications and anticipates the demand to grow in the coming months as returning customers look to finance additional projects and new developers looks to build out their portfolios.