Tabuchi America, a residential solar-plus-storage provider, has announced the GEOSmart SolPower Program, a 20-year loan program and lease option that the company says will provide $300 million in financing for residential solar-plus-storage installations.
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 market, the GEOSmart SolPower Program helps meet growing demand for home energy storage by providing new financing choices to homeowners, according to Tabuchi.
Under the GEOSmart SolPower Program, customers receive financing directly from EGIA’s GEOSmart Financing Clearinghouse to cover the installation of photovoltaic systems and Tabuchi smart inverters and batteries. EGIA provides financing at fixed annual percentage rates from 10 years at 1.99% and 20 years at 4.99%, as well as options for no down payment and no prepayment penalty. The loan covers materials, installation, and development up to 100% and loan term options are 10, 12, 15 and 20 years. Tabuchi says participants in the program own the system and all tax and solar incentives directly, without using their home as collateral.
“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, chief operations officer and president of Tabuchi America.
The GEOSmart SolPower Program is currently available in 17 U.S. states.