Duke Energy backs $225 million in C&I solar projects

Today REC Solar announced that it is expanding its channel partner program, including making $225 million of funding backed by Duke Energy available for commercial and industrial (C&I) solar projects from 50 kW to 2 MW in capacity.

Through the channel partner program, REC Solar provides financing options to a range of solar installation contractors targeting the C&I segment, including access to the company’s commercial power purchase agreement.

The program also offers benefits to assist these installers with lead generation and accelerated sales cycles, including a rapid credit review, proposal support and project management services, incentives and training resources.

Sungevity, which recently announced plans to go public through a merger, was the first installer to sign up with the program earlier this year.

“Financing and developing small- to mid-sized commercial projects has been a historically challenging process,” said REC Senior VP of Sales and Marketing Alan Russo. “We enable our partners to bring solar to more customers by streamlining the lead development, credit approvals, contracting and financing processes. REC Solar’s partner program is uniquely built to unlock a new path to growth for our partners and bring the benefits of solar to more businesses.”

REC contrasts its network/partnership approach with the model of keeping development, financing and construction in-house, which was employed by now-bankrupt former industry leader SunEdison, as well as Tesla and SolarCity’s vertically integrated model.