Connect with us

Hi, what are you looking for?

CleanTechnica

Solar Leasing

B Corp Consortium Funding Solar In Eight States

Originally published on the ECOreport.

In the fall of 2014, Patagonia partnered with Kina‘ole Capital Partners, LLC to finance 1,000 solar energy systems in Hawaii. Homeowners were given the opportunity to lease systems for less than their current energy costs. The venture was successful, and now they are part of an all B Corp Consortium funding solar in eight states.

B Corp Consortium Funding Solar In Eight States

Patagonia is the tax equity investor; Kina’ole is the fund manager; New Resource Bank and Beneficial State Bank are the lenders; and Sungevity, Inc., is the project developer.

“B Corps know how to make money while creating broader benefits – but any company would be smart to leverage their tax dollars this way. I hope others take advantage of a great opportunity,” said Patagonia CEO Rose Marcario.

The fund will purchase more than 1,500 residential solar energy systems to be installed on homes  in Arizona, California, Connecticut, Delaware, Maryland, Massachusetts, New Jersey, and New York.

“Sungevity quickly emerged as the natural partner given its strong customer experience and like-minded management team, and we’re excited to see our fund result in more residential solar over the coming years,” added Kina’ole principal Andrew Yani.

Screen Shot 2016-03-15 at 3.57.15 PM

For the Customer

“Customers simply agree to either purchase electricity generated by the solar system or lease the solar systems at a fixed rate that is typically less than the local utility’s rate,” said John Ordona, Vice President of Communications for Sungevity.

Has Sungevity ever had customers want to terminate their leases?

“Yes, particularly when customers are selling their homes. We help them through the process of transferring the lease and/or ending the lease term,” said Ordona.

Life Span of a Solar Panel

The consortium states the average life span for a solar panel is twenty years, during which time “the rooftop systems installed through the fund are expected to produce 200 million kilowatt hours (kWh) of electricity, displacing consumption of 325,000 barrels of oil (equivalent to taking 30,000 cars off the road) and 140,000 tons of greenhouse gas emissions.”

This estimate of a 20-year-lifespan is conservative. No one in the industry cites numbers higher than 25 years, but in reality, no one knows how long solar panels will last. Some of the older models are still operational after thirty years.

In response to my questions about some of the functioning older panels, Dr. John Wohlgemuth, of the National Renewable Energy Laboratory, emailed, “I do not think those old modules will survive 50 years. First of all because of the EVA formulation they used, they are all discoloring – which means loss in short circuit current (~ 0.5% per year) and loss of adhesion.”

The U.S. solar market is expected to undergo a rapid expansion over the next five years. A recent report from SEIA states that a record-breaking 16 GW will be installed in 2016 alone.

Photo Credit: Sungevity

Reprinted with permission.


Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.

 
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

is the President of Cortes Community Radio , CKTZ 89.5 FM, where he has hosted a half hour program since 2014, and editor of the Cortes Currents (formerly the ECOreport), a website dedicated to exploring how our lifestyle choices and technologies affect the West Coast of British Columbia. He writes for both writes for both Clean Technica and PlanetSave on Important Media. He is a research junkie who has written over 2,000 articles since he was first published in 1982. Roy lives on Cortes Island, BC, Canada.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Clean Power

Imagine a new paradigm in how we get (and use) energy, one in which citizens have the loudest voice, one in which renewable sources...

Agriculture

If you spend any time grocery shopping, you have probably noticed a proliferation of product labels — organic, keto, vegan, "made with whole grains,"...

Clean Power

One of the key take aways from the wind industry experience is that assuming that you have social license because of the virtuousness and...

Climate Change

Patagonia Action Works supports environmental activism by connecting people to local grassroots organizations in Germany, across Europe and the US.

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.