Main Street Power, Clean Power Finance and a subsidiary of New York investment bank Morgan Stanley are partnering to finance as much as $300 million worth of residential solar power leases in Arizona and California. A syndicate of banks– Zions Bancorporation partner Zions Energy Link being the first– are providing debt financing for for MySolar, the solar lease facility.
Leasing, as opposed to outright purchase, of a solar power system can drastically reduce the upfront cost of having a solar photovoltaic (PV) energy system installed. There have been solar lease programs out there offering to do so for zero down and a series of monthly payments. As many as 1/3 of US homeowners can save money by financing a residential solar power system via a lease or Power Purchase Agreement structure, according to the partners.
Main St. Meets Wall St.
Through the MySolar program, monthly savings from the clean, renewable electricity the rooftop solar power systems produce will flow through to the homeowner. Boulder, Colorado’s Main St. Power will own the rooftop systems, selling the surplus power they produce on to grid providers.
Clean Power Finance finds and qualifies homeowners for the residential leases through a network of some 1,550 local solar energy professionals who make use of its online CPF Tools solar sales software platform, taking a cut of the lease payments. MySolar is the third solar lease program the San Francisco provider has launched. It now has some $500 million in project financing available for residential solar leases.
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Leasing, as opposed to outright purchase, of a solar power system can drastically reduce the upfront cost of having a solar photovoltaic (PV) energy system installed. There have been solar lease programs out there offering to do so for zero down and a series of monthly payments. As many as 1/3 of US homeowners can save money by financing a residential solar power system via a lease or Power Purchase Agreement structure, according to the partners.
Main St. Meets Wall St.
Through the MySolar program, monthly savings from the clean, renewable electricity the rooftop solar power systems produce will flow through to the homeowner. Boulder, Colorado’s Main St. Power will own the rooftop systems, selling the surplus power they produce on to grid providers.
“The MySolar program will be the largest residential solar investment facility in the nation and can help save consumers millions of dollars in electricity payments, create thousands of solar jobs and further the easy adoption of solar for thousands of homeowners around the country,” said Jonathan W. Postal, Main Street Power senior vice president.
Clean Power Finance finds and qualifies homeowners for the residential leases through a network of some 1,550 local solar energy professionals who make use of its online CPF Tools solar sales software platform, taking a cut of the lease payments. MySolar is the third solar lease program the San Francisco provider has launched. It now has some $500 million in project financing available for residential solar leases.
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