Published on September 4th, 2015 | by Derek Markham2
Sunrun Launches New Solar Financing Options
September 4th, 2015 by Derek Markham
Potential clean energy customers now have a few more options for paying for their residential solar energy system, thanks to the launch of several new solar financing programs from Sunrun.
One of the hurdles to home solar adoption continues to be the relatively high upfront costs of the solar PV systems, but Sunrun’s latest financing options could make it easier to choose clean renewable electricity. The residential solar energy company now has a few new choices for buying, leasing, or entering into a power purchase agreement (PPA) for a home solar array, along with an online calculator to help homeowners make the most informed choice.
Sunrun’s BrightAdvantage program provides “easy access to financing” through a select group of financial partners, in either 12- or 20-year loan terms, with interest rates of either 3.99% APR or 4.99% APR, respectively. Instead of relying on traditional bank loans to cover the cost of a home solar system, this model of solar financing could offer a more seamless way of financing the upfront costs at affordable rates.
“Sunrun’s mission has always been to make saving with home solar simple and more accessible for homeowners. Our enhanced solar service options allow Sunrun to advance our mission and empower homeowners to choose a product that powers their lives in a way that works best for them.” – Michael Grasso, Sunrun CMO
In addition to the BrightAdvantage loan options, Sunrun also offers the BrightSave solar lease and PPA options, which puts the burden of the cost of ownership and maintenance on Sunrun, while offering homeowners the ability to get solar electricity and only pay for what they use. Two variations to the BrightSave option allow homeowners to either pay an ongoing monthly lease or PPA payment (with a 20-year agreement), or to pay the full cost of the 20-year contract upfront, and to get reduced electricity costs in both instances.