Published on October 10th, 2013 | by Joshua S Hill3
Canadian Solar Offers Rooftop Financing For Residential Projects
In an attempt to combat the popularity of solar leasing companies, North America’s largest solar manufacturer Canadian Solar have announced they will be offering a financing program to the US residential market. The Canadian Solar Residential Financing Program is “designed to make it even easier for residential solar installers to bring more solar projects to completion in the US market.”
Announced on Monday, the financing program is being launched in partnership with Admirals Bank, a privately held bank in Boston.
“We believe there is a great opportunity to leverage our scale to help customers in the U.S. residential market to more easily gain access to necessary financing at attractive rates,” said Dr.Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
“We have a very qualified partner in Admirals Bank, as we work to streamline the process for both residential customers and installers. This latest program will further build on Canadian Solar’s global leadership in renewable energy as we continue to deliver high-value, high-quality solar energy solutions.”
The Canadian Solar Residential Financing Program will allow residential solar installers the opportunity to borrow up to $40,000, with no fees, no constraints on system design, and benefit from loans paid out quickly: “Installers will be able to receive payment quicker because the loans are funded directly to the homeowner before the work begins.”
Furthermore, the Residential Financing Program will provide a “Step Down” feature which Canadian Solar says will allow customers the opportunity “to monetize the solar tax credits, rebates and other incentives associated with ownership of their system. They can then pay that amount into the principal balance, and then re-amortize the loan, which can potentially dramatically reduce their remaining monthly mortgage payments.”
“Our program provides homeowners with an easy way to finance solar installations that lower energy bills and allows them to reap the benefits of ownership through tax credits, rebates, and other incentives,” said Nicholas P. Lazares, Vice President and Director of Strategic Partnerships at Admirals Alternatives, a division of Admirals Bank.
“We are excited to partner with Canadian Solar, an innovative global leader, as we work together to facilitate the adoption of clean energy and reduce the cost of power for homeowners across the United States.”