The MySolar residential solar lease facility, the third such finance facility available to Clean Power Finances U.S. network of over 1,550 solar professionals, will initially be made available to homeowners in the states of Arizona and California. The solar professionals will offer the leases via solar sales software platform, CPF Tools.
"Zions Energy Link, part of Zions Bancorporation, is the first member of a syndicate of debt providers to the MySolar residential solar lease facility," said the company in a statement released. Jonathan W. (J.W.) Postal, senior vice president of Main Street Power added, "The MySolar program will be the largest residential solar investment facility in the nation and can help save consumers millions of dollars in electricity payments, create thousands of solar jobs and further the easy adoption of solar for thousands of homeowners around the country."
Editor, Jonathan Gifford covers the solar leasing market in the May edition of pv magazine. In it, he writes that in October of last year, PV Solar Report published findings showing that in California, solar lease or third-party owned installations outnumbered those financed by homeowners in 2011 for the first time. Sunrun, Sungevity and SolarCity are three of the most prominent solar lease companies in the U.S.
Furthermore, in a recent study by the U.S. National Renewable Energy Laboratory (NREL), analysts discovered that homeowners in less affluent neighborhoods are cashing in on solar leases. "The new business model lets homeowners save money the very first month, rather than breaking even a decade after an initial investment of $5,000 to $10,000," they said. In particular, they found that southern California is displaying impressive growth.
The study identified that those investing outright in solar systems had an average household income of $150,000 or more, while those undertaking solar leases had an average income of $100,000 or more.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.