One of the largest residential solar power providers in the US, Vivint Solar, just announced that it has raised $540 million of new funding via two more rounds of residential solar financing. The funds are provided by two major financial institutions.
In addition to $540 million, a further $200 million of tax equity financing was secured earlier this year and announced in August.
“In less than three months, Vivint Solar has raised nearly three-quarters of a billion dollars to finance our solar projects,” stated Greg Butterfield. “These new financings will enable Vivint Solar to continue its unparalleled growth, while delivering simple, affordable solar solutions to our customers.”
Vivint Solar is, as of now, the second biggest residential solar installer in the US, according to GTM Research — designing, installing, monitoring, and servicing solar photovoltaic systems throughout California, New York, Maryland, Massachusetts, Hawaii, New Jersey, and Washington DC.
The company’s main selling point is the fact that you can get set up with a quality home solar energy system without any upfront out-of-pocket costs . Via a power purchase agreement (PPA), the homeowner buys the power generated by the solar photovoltaic system at a low rate directly from Vivint Solar. As it stands currently, the electricity from such a system is considerably cheaper than what’s available from the grid in most parts of the country. Vivint Solar currently boasts of having upwards of 800,000 customers throughout the continental US and Hawaii.
For more information on the solar energy leasing options available to residential customers, see: Solar Leasing Companies More Diverse Than You Think.