With the introduction of a new solar lease program in Washington, D.C., there’s now really no reason for the White House not to go solar…
Sol Systems — a D.C.-based solar financing company that has backed some 1,200 installations — is now offering a 10-year solar financing program that requires zero money down for up-front costs. The company’s Sol Lease is available to all types of customers: homeowners, businesses, non-profits, schools and churches in the greater D.C. area.
According to Sol Systems, the solar lease option is the first zero down option in Washington D.C. Property owners who take advantage of the offer will likely save up to 15 percent on monthly utility bills. Only in its pilot phase, solar leases are being offered only to D.C. customers. CEO Yuri Horowitz had the following to say about the program:
We are a DC-based company, and we live in the neighborhoods we’re investing in. Success for the solar community means innovation in technology, but it also means innovation in finance. Sol Lease helps our installer partners change the equation and provide solar energy to many that otherwise couldn’t secure it.
Sol Systems has financed solar projects further afield, however, in places like Maryland, Delaware, Indiana, Kentucky, Massachusetts, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Virginia and West Virginia.
Beyond solar leases, Sol Systems also specializes in innovative financing options that are underpinned by solar renewable energy credits (SRECs). In certain markets, the company will offer to purchase — either up front or over time — the SRECs generated by a residential solar energy system or commercial solar energy system. A Maryland solar owner, for example, could then use the resulting income to either (1) partially cover the upfront costs of solar installation (if the SREC payment was received in one lump sum), or (2) pay down a loan that was used to cover upfront installation costs.
For more information on Sol System’s offering, check out its Twitter page.
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