Residential solar provider Vivint Solar has made solar energy system purchases and financing available to homeowners in three of its existing markets: Connecticut, Maryland and South Carolina.
“We are excited to expand solar energy system purchases and financing options to three more of our existing states,” says Chance Allred, senior vice president of sales at Vivint Solar. “Purchasing a solar energy system, with cash or through financing, provides an attractive alternative to power purchase agreements (PPAs) for customers who want to own their solar energy system, and the continued growth in demand has lead us to provide opportunities for more homeowners to go solar.”
Through Vivint Solar’s financing relationships, a customer can finance ownership of a residential solar energy system with no money down. The company says the resulting monthly financing payments are comparable to a customer’s prior utility payments, but they build equity in the customer’s solar energy system. After the financing is repaid, the homeowner pays nothing more for the power produced by the system. Homeowners who choose to purchase a system may also qualify to receive a federal tax credit, along with any state and local incentives for which they may be eligible.
This third-party financing product was previously only available to Vivint Solar customers in Arizona and Utah, while in California, Vivint Solar offers property-assessed clean energy (PACE) financing as an alternative. Vivint Solar is selling systems directly to homeowners, utilizing the loan and PACE products provided through its financial relationships, in the six aforementioned states and plans to expand to most of Vivint Solar’s markets by the end of September.