As part of an effort to improve homeowner access to rooftop solar photovoltaic system financing, the residential solar energy systems provider Vivint Solar will be partnering with the residential Property Assessed Clean Energy (PACE) financing provider Renovate America.
The press release provides more, stating that, through the collaboration, homeowners will now be able “to use HERO financing to purchase Vivint Solar systems and pay for them over time through their local property taxes.”
Here are some more details: “Payments are made at a fixed interest rate for terms of 5 to 20 years, and the interest on the payments may be tax deductible. Since it is expected that the system will stay with the home and provide utility savings into the future, any remaining balance on the assessment may be able to transfer to a new home owner at the time of sale. The announcement of this strategic relationship comes at the same time as the Federal Housing Administration’s newly issued federal policy guidance that specifically endorses PACE financing — facilitating expanded access to solar for more Americans.”
The Executive Vice President of Capital Markets at Vivint Solar, Thomas Plagemann, commented: “We are excited to work together with Renovate America to provide this innovative solar financing product that will make solar available to a wider range of consumers, including those who either do not have the upfront capital for a solar energy system or for whom traditional loans, Power Purchase Agreements or Solar System Lease Agreements are not viable options. We are pleased with the new FHA guidelines announced today that open the door to a wider acceptance of the PACE financing product throughout the United States.”
Vivint Solar is currently rolling out the HERO Program in California, with work being done with various local and state authorities to expand the product offering throughout the country.
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