BrightGrid Enters Growing Residential Solar Financing Market
In response to the large expense of installing solar energy systems despite government and manufacturer incentives, several companies offer Power Purchase Agreement (PPA) solar financing models that allow homeowners to take advantage of solar generated electricity without a significant upfront financial investment. These companies include SolarCity, SunRun and Sungevity. Now a new company is entering the field. Called BrightGrid, the New York-based firm plans to offer a complete solar project package that will make the choice of solar panel energy more appealing to homeowners.
BrightGrid proposes to act as a solar financing partner to the customer from the very beginning of the project, through the selection and installation of the appropriate solar energy system, to a long-term solar financing lease. Under the conditions of the lease, BrightGrid would own the solar energy system and receive the state and federal tax incentives instead of the homeowner. The homeowner pays BrightGrid a predetermined monthly fee on an 18-year solar financing lease. That monthly fee is the only solar financing investment the homeowner makes to reap the benefit of a 10 - 20 percent reduction in the household’s electricity bill. Excess electricity may be sold back to a local utility.
The BrightGrid solar financing program will allow homeowners to ‘go green’ without going into ‘the red’.