NEW YORK, July 17, 2024 (GLOBE NEWSWIRE) -- Sunstone Credit, Inc., a commercial solar loan platform that helps businesses switch to clean energy, today announced a partnership with Bonnell Motors, a family owned and operated Ford dealership in Winchester, Massachusetts, to finance the dealership’s $1 million transition to solar power.
Founded in 1925, Bonnell Motors is a trusted new and used car dealership outside of Boston. As the automotive industry has increased its focus on electric vehicles, Bonnell Motors made the investment to install charging stations for the dealership and the public to use. Installing a solar system was a natural next step for Bonnell’s transition to clean energy.
Millions of businesses are prevented from going solar due to high upfront costs and limited availability of traditional bank financing. But by working with Sunstone, Bonnell Motors quickly received the $1 million in financing it needed to pay for its solar system. Bonnell Motors and Sunstone Credit worked with 621 Energy, a Concord, Massachusetts-based builder, owner, operator, and servicer of solar photovoltaic systems for businesses and nonprofits, to complete the installation process in just three months.
“We considered a number of solutions to reduce our carbon footprint and save on utility costs, and going solar seemed like the perfect answer. By partnering with Sunstone Credit, we were able to make the switch much sooner than we imagined,” said Steven Bonnell, President of Bonnell Motors. “From financing to installation, the process couldn’t have been any easier, and we instantly started saving thousands on our electric bill.”
Bonnell Motors originally connected with Sunstone through 621 Energy, which is a member of Sunstone’s extensive network of industry leading channel partners, which spans across all 50 states. Sunstone has continually expanded its affordable financing options via its best-in-class online platform to suit varying borrowing needs for businesses of all sizes. In 2023, it surpassed half a billion dollars in initiated loan applications across the U.S.
“Electricity production is the single largest contributor to greenhouse gas emissions globally. If millions of businesses across the country had better access to solar financing, the potential for reducing electricity generation’s climate impact is massive,” said Josh Goldberg, CEO of Sunstone Credit. “We’re honored to be part of Bonnell Motors’ journey to energy independence.”
This news comes on the heels of Sunstone announcing a program with M&T Bank and a partnership with DLL to give more businesses access to simple, affordable solar financing. Sunstone Credit also recently opened its co-headquarters in Baltimore to expand solar access in the Mid-Atlantic.
To learn more, please visit Sunstone Credit’s website.
About Sunstone Credit
Sunstone Credit is on a mission to democratize access to solar for businesses of all sizes. Sitting at the intersection of climate, finance and technology, Sunstone has built a best-in-class technology platform and partnered with leading financial institutions and a national network of solar developers to provide business borrowers access to simple, affordable and easy-to-understand solar loan products with flexible terms and a streamlined application process. When commercial customers go solar using Sunstone’s products, they save money and reduce their carbon footprint, driving a clean, green future for all. Learn more at sunstonecredit.com.
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