Sunnova is now allowing ReneSola Ltd to provide solar leasing to its customers, making it the latest to get into the solar leasing game.
Sunnova launched its leasing program in late 2012, and has now selected ReneSola as one of its vendors. Renesola is a global manufacturer of photovoltaic solar panels and wafers.
“Given the volatility of the solar PV industry, we are always very careful when selecting our dealers and suppliers,” said Jordan Fruge, Sunnova’s senior vice president of sales and marketing. “ReneSola has proven to be an asset not only to our portfolio, but also to the entire industry.”
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“We recognize that ReneSola, like Sunnova, is in this business for the long haul. We are excited to bring our leasing product to homeowners in California and Arizona, with more states to be added soon. This provides an affordable option for homeowners to make the switch to solar with ReneSola modules.”
Sunnova’s residential solar lease is available to homeowners with a variety of financing options, including down payments that range from $0 to $5,000, and monthly lease payments that can be structured over 25 years.
Homeowners may qualify for this lease if their credit score exceeds 650.
This is reminiscent of SolarCity’s leasing program, under which residents can have solar panels installed on their rooftops with little or no down payment. Several other companies are now offering such deals, as well.