Tabuchi Electric (Osaka, Japan) subsidiary Tabuchi America (San Jose, CA), a solar-plus-storage provider, on September 8th, 2016 announced the GEOSmart SolPower Program, a 20-year loan program and lease option that will provide USD 300 million in financing for residential solar photovoltaics (PV) plus energy storage installations.
This is the largest residential solar-plus-storage financing program announced to date and represents a significant step toward unlocking major growth in the solar-plus-storage market to help homeowners get the most out of their solar investment, the company emphasizes.
“The market is full of interest in solar-plus-storage, but high upfront costs and the complexity of seeking out separate solar and storage systems has been a roadblock for too long,” said Harumi McClure, COO and President of Tabuchi America.
GEOSmart SolPower Program provides new financing choices to homeowners
To design and offer the program, Tabuchi joined forces with the Electric & Gas Industries Association (EGIA) a nonprofit energy efficiency and renewables advocate.
EGIA delivers financing and discounted business and training solutions to contractors, manufacturers and distributors. Just as new financing and incentive programs are driving a booming residential solar PV market, the GEOSmart SolPower Program helps meet growing demand for home energy storage by providing new financing choices to homeowners.
Loan covers materials, installation, and development up to 100 percent
Under the GEOSmart SolPower Program, customers receive financing directly from EGIA’s GEOSmart Financing Clearinghouse to cover the installation of photovoltaic (PV) systems and Tabuchi smart inverters and batteries.
EGIA provides financing at fixed annual percentage rates (APRs) from 10 years at 1.99 percent and 20 years at 4.99 percent, as well as options for no down payment and no prepayment penalty.
The loan covers materials, installation, and development up to 100 percent and loan term options are 10, 12, 15 and 20 years. Participants in the program own the system as well as all tax and solar incentives directly, without using their home as collateral.
“For the first time, residential solar customers can benefit from all the advantages of solar-plus-storage with the same ease and low cost as going solar in the first place. This is a major industry advance designed to help solar customers make the most of their investment while accelerating business for solar installers across the country,” McClure said.
For EGIA, which has facilitated the financing of over 400,000 residential and business projects valued in excess of USD 3.2 billion, the new loan program is a response to installers’ demand for more innovative solar-plus-storage packages to offer their customers. With interest in residential solar-plus-storage on the rise, installers are searching for ways to set themselves apart from the competition.
“Promoting solar-plus-storage is perfectly aligned with our mission of facilitating energy efficiency and renewables projects, and our financing expertise is the best way to contribute to that goal,” explained Paul Bony, Director of Renewables and Contractor Development at EGIA.
The GEOSmart SolPower Program is currently available in 17 U.S. states.
2016-09-09 | Courtesy: Tabuchi America | solarserver.com © Heindl Server GmbH
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