Sunnova introduces 'zero down' residential solar

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Third-party owned solar, loans and solar-as-service continues to occupy an important place in the U.S. market, with the latest company to get into the business being Sunnova. The company says that the EZ Own program allows residential customers to own the PV system while Sunnova takes care of the O&M, warranty and monitoring of the system.

Sunnova says customers can prepay the balance owing on the system at any time without penalty. As the system is essentially rate paid over time, Sunnova says there are no problems in transferring system ownership in the event of a home sale.

Homeowners receive the solar Investment Tax Credit (ITC), unlike with solar leases the company claims.

"Consumers have a strong desire to take advantage of the federal Investment Tax Credit before its looming expiration. EZ Own is putting ownership within reach for more homeowners, removing the responsibility of maintenance, monitoring and repairs over time," said Sunnova. CEO William J. (John) Berger.

Sunnova says the EZ Own program will be rolled out alongside its current solar-as-service products. EZ Own will be initially introduced in California, in Q1 2015. Sunnova is active in around 20 states.

"EZ Own is a new type of solar-as-a-service agreement, which offers a no-money-down purchase of the system combined with a comprehensive service and warranty package," said Jordan Frugé, Chief Marketing Officer at Sunnova.

In November of last year Sunnova closed a US$250 million round to fund its solar-as-service products.

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