ReneSola Launches Best-In-Class Residential Loan Program With Admirals Bank

SAN FRANCISCO, Sept. 23, 2014 /PRNewswire/ -- ReneSola Ltd (www.renesola.com ) ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its Residential Financing Program to better serve the fast-growing U.S. residential solar and LED markets.

The new ReneSola financing program will equip the Company's network of installers with market-leading loan products to help them reach a wider customer base and secure more business. ReneSola installers will have access to a suite of online sales tools to give them better visibility into the loan process and streamline communications to fast-track business. The simplified loan process does not require home equity or appraisals and credits funds directly to homeowners in order to accelerate the payment process.

The loans are available to homeowners with FICO credit scores as low as 650 and allow up to $40,000 in borrowing. Additionally, fixed rates and flexible loan terms offer a wide variety of low monthly payment options. Homeowners in the ReneSola financing program can own their solar systems with no out-of-pocket costs while benefiting directly from associated solar tax credits and all available incentives and rebates.

Kevin Chen, ReneSola's president of Americas said, "ReneSola is pleased to offer one of the most competitive loan packages in the marketplace through Admirals Bank. Their reputation in the industry and their commitment to serving the residential solar market make them a valued partner."

In addition to the company's new financing options, ReneSola's customers can take advantage of the company's full lines of solar and LED products including solar modules, string inverters, microinverters, racking, and LED products for residential and industrial use. ReneSola provides some of the highest-quality, green energy products in the world and the Company's bundled solar packages consisting of modules, inverters, and racking make installing reliable solar systems fast and easy. ReneSola's full line of products are available for financing through this new program.

"ReneSola's focus on accelerating the sales process and helping their customers grow their businesses is in perfect alignment with Admirals Bank's commitment to providing high quality services to the fast-growing U.S. residential solar market," said Admirals Bank chairman and chief executive officer, Nicholas W. Lazares. "The program is designed to foster the growth of the U.S. residential solar market by keeping homeowners' monthly payments low." 

The loan program is available in all 50 U.S. states and ReneSola customers can sign up immediately by visiting http://www.renesola.us/residential-loan-program

About ReneSola        

Founded in 2005 and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of green energy products. Leveraging its global presence, and expansive OEM and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.

About Admirals Bank

Admirals Bank is a federally-chartered financial institution headquartered in Boston, Mass. Since 2012, Chairman and CEO Nicholas W. Lazares has focused the bank's home improvement lending efforts in the residential solar and renewable energy industry, opening Admirals Alternatives, the renewable energy lending division of Admirals Bank. Admirals Bank also remains a leading national provider of the Title I Home Improvement Loan for a variety of other home improvements. Admirals Bank offers customers additional home borrowing solutions such as residential mortgages and the FHA 203(k) Loan. In addition, Admirals Bank is an active acquirer of commercial real estate loans in the secondary market with over $1 billion in acquisitions since 2010. Admirals Bank has also introduced Bespoke Banking to the financial industry, which is individually tailored, highly customized, concierge banking. Bespoke Banking offers checking and savings accounts, which can be conveniently opened and maintained online or via a mobile device. Admirals Bank is an Equal Housing Lender and Member FDIC. 

For investor and media inquiries, please contact:

In China:

Ms. Juliet Yang
ReneSola Ltd
Tel: +86-21-62809180-105
E-mail: [email protected]

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
E-mail: [email protected]

In the United States:

Mr. Naveed Hasan
ReneSola America
Tel: +1 415 852 7428
E-mail: [email protected]

Mr. Justin Knapp
Ogilvy Financial, U.S.
Tel: +1-616-551-9714
E-mail: [email protected]

Logo - http://photos.prnewswire.com/prnh/20080506/CNTU030

SOURCE ReneSola Ltd.