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CLEVELAND, July 18, 2019 /PRNewswire/ -- Today, KeyBank, N.A. and Dividend Finance, LLC are announcing a new partnership that will help people utilize the combined benefits of solar and energy storage for their homes. Dividend, a leading national provider of solar and home improvement financing solutions, together with KeyBank, a top regional bank supporting financial wellness with industry expertise, will now offer financing to homeowners who want to add solar power to their residences.
Both companies have shown major commitments to investing in renewable energy initiatives in the past. Since its inception in 2014, Dividend has brought the benefits of solar ownership to customers looking to gain energy independence, control energy costs and adopt renewable technologies. KeyBank's renewable energy portfolio investment is more than $3.3 billion. Although KeyBank's renewable energy portfolio was solely focused in the commercial space, KeyBank's partnership with Dividend will now allow homeowners to invest in solar energy and create potential long-term savings by turning utilities into long-term predictable expenses – helping them to take control of their financial wellness.
According to the U.S. Energy Information Administration, electric energy prices have increased by almost 15% over the past 10 years and are forecasted to continue to increase going forward. (https://bit.ly/2J5B6vE) "Empowering homeowners to invest in this growing solar technology - and helping to make it affordable for them to do so – will help our clients take control of rising utility costs and their financial future," said Chris Manderfield, Director, Head of Product Management for Consumer Segment for KeyBank.
These services will be offered in 35 states across the nation. "Dividend's ability to provide KeyBank access to new households while optimizing our funding strategy creates great alignment. This landmark partnership is a testament to our platform's bankability and furthers our mission of promoting the adoption of renewable technologies," said Eric White, Dividend's Chief Executive Officer.
According to Wood Mackenzie forecasts, from 2019-2021 growth in residential solar will continue ranging from 5%-20%. (https://bit.ly/2xeIfEb) "With the expected growth this industry could see, partnering with Dividend will make the economics, service, and simplicity of installing and maintaining solar power an opportunity that could lead to savings for years to come for our clients," said Chris Manderfield.
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $141.5 billion at March 31, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
About Dividend Finance, LLC
Dividend is a leading national provider of renewable energy and home improvement financing solutions for property owners through a suite of residential solar, home improvement and commercial financing products. The Company pioneered the residential solar financing landscape in 2014 with the launch of its EmpowerLoan product for financing residential solar installations and continues to expand its product offerings into the home improvement market. In addition to its industry-leading suite of financial products, Dividend has developed a comprehensive technology platform for installation partners and homeowners to streamline the financing process and manage financed project fulfillment. Learn more by visiting www.dividendfinance.com.
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