Residential solar provider Sungevity announced a new partnership with U.S. Bancorp (NYSE: USB) to finance solar systems for Californian homes.
Together the two companies have created a new $24 million tax equity fund to finance
ten-year solar leases for Sungevity customers.
"We like the residential solar space and are convinced its growth will outpace commercial solar development in the coming years," said Darren Van’t Hof, Vice President of Renewable Energy Investments
for U.S. Bank.
Sungevity started providing solar leases in March and has already sold one-quarter of a megawatt under the offer, it said.
The company’s website features an "iQuote" process, which enables Sungevity to use satellite images and aerial photography to assess customers’ roofs remotely and accurately determine the homes’ solar potential.
The company said it received more than 1000 iQuote requests in the first week alone.
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A solar lease is absolutely the worst way to get into solar. All of the benefits including the cash rebate, Federal tax credit, RECs (Renewable Energy Credits) go to the leasing company. You’re only saving 10 to 15% in most cases and you’ll be stuck with lease payments for 10 to 20 years ! Anyone can easily save up to 20 to 25% on their electric bill by taking advantage of all of the cash rebates that are available for simple energy efficiency improvements such as lighting, without being stuck with 20 years worth of lease payments. PACE (Property Assessed Clean Energy) financing programs offering 0 upfront costs and great interest rates and loan that you automatically walk away from when you sell your home are popping up all over the country. And unlike a solar lease, when you’re done with your payments, you’ll own the system. With a solar lease after 20 years worth of payments you won’t own anything because the system belongs to the leasing company. With prices for solar coming down like they are (less than $5.00 a watt for an installed system) in a few years, a lot of people are going regret that they ever signed a lease agreement.