Residential solar company Vivint Solar Inc. has launched a new fixed-rate solar lease plan, initially available in select California markets.
According to the company, the plan allows new customers to install solar panels for no money down, lease them from Vivint Solar for 20 years and pay the same fixed monthly payment over the entire contract term.
The new offering underscores Vivint Solar’s commitment to expand solar plans home builders can offer to home buyers as they prepare for California’s 2020 mandate requiring rooftop solar installations on most new homes. In collaboration with Vivint Solar, home builders in California can offer multiple solar plans to home buyers, who will have the opportunity to choose their preferred financing option, the company explains.
“This new solar plan introduces a simple, flexible option for embracing clean, renewable energy and gives new customers the assuredness that they will pay the same amount for solar energy in 2038 as they will in 2018,” says David Bywater, CEO of Vivint Solar.
Vivint Solar expects to extend the new lease plan to additional states in the coming months.