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Solar lending program launched by PenFed. Solar lending program launched by PenFed. (Source: Shutterstock)

PenFed, the nation’s third-largest credit union, announced Monday a partnership to buy solar loans from Loanpal as part of its strategy to expanding its portfolio of unsecured loans.

PenFed’s VP of lending, Jay Fee said the credit union, based in Tysons, Va., ($24.8 billion in assets, 1.8 million members) hopes to eventually originate its own solar loans, but the current model will allow it to gain experience with the complexities of solar loans, including tax credits that vary by state and vetting contractors.

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Jim DuPlessis

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