Category: Sustainability
Sunstone Credit is set to expand as the federal government continues to build America’s solar power industry.
The Baltimore company provides financing for companies that want to install solar panels on commercial buildings. Sunstone's loans are more flexible, with five to 20 year terms, unlike traditional banks that treat solar like traditional commercial equipment. Sunstone can also underwrite a loan faster than banks, co-founder and CEO Joshua Goldberg told the Baltimore Business Journal in January.
The company raised $20 million in a series A funding round in January 2023 and plans to hire 20 new staff members this year.
Goldberg came up with the idea for Sunstone based on his own experience working with residential solar clients. He found that there were few options to facilitate large commercial projects, like covering a warehouse in solar panels. There is a large startup cost for solar panels which makes business owners weary of installing the infrastructure even though it reduces long-term electricity bills.
Customers are also putting more pressure on businesses to be more environmentally sustainable and reduce the impacts of climate change, so solar panels are becoming a way for businesses to gain new customers and keep old ones happy.
The federal government is pushing toward a stronger solar infrastructure with a variety of new tax breaks. President Joe Biden hopes to increase the community solar sector by 700% as part of a goal to make a carbon-free electricity sector by 2035. By giving businesses the financial tools necessary to go green, Goldberg can help customers take advantage of the new array of tax credits for solar.
To see the rest of the 2023 Fire Awards honorees, click here.
