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Published on July 30th, 2016 | by James Ayre

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Vivint Solar & Renovate America Partnering To Expand Homeowner Access To Rooftop Solar PV Financing

July 30th, 2016 by  


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.

go-solar18The partnership will of course see Vivint Solar now offering Renovate America’s HERO program as its PACE financing option — with the intent being to make going solar easier for some homeowners.

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.

For more background, see our Vivint Solar, Renovate America, HERO, and/or PACE archives.

 
 

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About the Author

James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.



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