California solar services provider OneRoof Energy has begun offering residential solar leases to homeowners in Massachusetts.
The move is part of the San Diego-based company’s planned expansion into new North American markets. OneRoof Energy said it would offer Massachusetts homeowners served by utility companies NSTAR and National Grid the opportunity of going solar with little to nothing down.
Residential solar energy is growing quickly across the northeastern United States. According to the Solar Energy Industries Association (SEIA), in Massachusetts alone, residential solar installations nearly doubled between 2012 and 2013, with an increase from 15.2 MW installed in 2012 to 26.7 MW in 2013. The state ranked number six in solar electricity capacity installed last year.
"Massachusetts homeowners are embracing rooftop solar because it makes financial sense," said David Field, OneRoof Energy president and CEO. "The state’s solar growth is possible because of excellent leasing programs that entirely eliminate the high upfront cost barriers. In 2012, more than 58 percent of residential installations in Massachusetts were the result of lease and power purchase agreement programs."
By simplifying the process of going solar and making solar financing more accessible, OneRoof Energy is expanding its mission to bring a breadth of solar services to homeowners throughout the United States. OneRoof Energy also operates in California, Arizona and Hawaii, with approximately 175 full-time employees.
"We’re excited to work with OneRoof Energy to grow the residential solar market in Massachusetts, said Brad Stoler, president of Rayah Solar and a OneRoof Energy partner, adding that he expected to see a phenomenal uptake of solar in the state in coming years.
OneRoof Energy said its leasing programs allow homeowners to go solar with little-to-nothing down, providing renewable electricity directly to homeowners for less than they spend on monthly utility bills. The company added that by utilizing its financing models including secured and unsecured debt financing homeowners can enjoy price protection against electricity rate hikes for up to 25 years.
The company’s Massachusetts offices will be located in Newton, close to downtown Boston.