First, the solar-industry saw the zero-down lease. Now, more and more companies – including Sunnova – are offering zero-down loans.
Capitalizing on the recent move of residential customers from leases to loans, Sunnova has expanded its EZ Own Loan program. Under the program, homeowners can reap the benefits of solar energy with the peace-of-mind that comes with not having to worry about maintaining the system.
Nicole Litvak, senior solar analyst at GTM Research, says more installers are financing customers’ systems with loans like these.
“Some loan providers require or incentivize customers to make a balloon payment equal to 30% of the system cost after the first year – in other words, once they monetize the investment tax credit (ITC),” Litvak said. “In this case, Sunnova lists that as optional.”
Under Sunnova’s program, consumers own the system, but Sunnova provides all the maintenance and monitoring. It combines the benefits of a traditional power-purchase agreement with the ownership solar customers want. The services are transferrable if the initial owner sells the house.
Consumers can access the EZ Own Loan through Sunnova’s network of local partners and is currently available in Arizona, California, Connecticut, Florida, Hawaii, Massachusetts, Maryland, New Jersey, New Mexico, New York, South Carolina and Texas.
Sunnova also offers a similar program involving Solar Renewable Energy Certificates (SRECs) offerings in Maryland, New Jersey and Massachusetts.
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