SolSource Solutions and TriBeam Financial announced the launch of Propel, a residential solar and storage financing product. The platform integrates third-party ownership (TPO) structures with a point-of-sale loan system to fund upfront energy agreement payments.
The product utilizes a prepaid power purchase agreement or lease model. Homeowners pay the total contract value at the start of the term, often using a loan originated through the TriBeam platform. The structure provides a fixed monthly payment and removes the annual price escalators common in traditional solar leases.
Under the contract homeowners can also exercise an option to purchase the solar and battery system starting in the sixth year of operation.
The program includes a strategic hardware partnership with Enphase Energy. Enphase will act as the exclusive provider for microinverters and battery systems. The use of Enphase hardware allows the projects to meet domestic content requirements under the Inflation Reduction Act, which can increase the Investment Tax Credit by 10%.
Enphase also provides operations and maintenance through its Enphase Care service, while design and proposals are handled via the Solargraf tool. Greentech Renewables will manage national distribution and logistics for installers using the Propel platform.
TriBeam Financial provides the technology layer for the product through Concert Finance. The system is designed to connect sales channels directly to capital providers to reduce overhead costs and eliminate hidden fees in the lending process.
To lead the national expansion, SolSource appointed Chris Couture as CEO. Couture previously served as Vice President and Head of Customer Financing at Enphase Energy and held leadership roles at SunPower Corporation.
The company is backed by Hudson Sustainable Group. Hudson has managed more than $13 billion in capital across sustainable energy assets since 2007.
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Wow, I can not believe they are still pushing for a lease solar power system!!! You got to by out of your mind to go through that, all the horror stories, and then trying to sell your house with such a system…. NEVER LEASE YOUR SYSTEM!!!
You failed to mention what the current 30% tax credit is that these guys are getting an extra 10% on top of. At this point you’re adding 10% on top of zero. Please fill in that critical detail
For sake of numbers, let’s say I’m looking at $100k solar and storage package. Let’s walk through this….
30%+10% for Enphase drops the up front cost to $60k. Homeowner gets a loan through the financer for $60k with a repayment term of 10? 20yrs? What kind of rates are we talking about? Prime + 15%?
I think the rates for power buyback suck right now, but who gets that money? In my case I doubt a solar system can take me off grid completely, so it would prob be a discount off my bill…
Enphase maintains them. Great, that’s one thing that has always kept me from the lease programs. I was scared the people who should maintain them will disappear after a couple years. Is that extra, built into the cost, or included? For how long? Ive seen people around where I live offer service for 5yrs, the panels have a 10yr warranty, and the loan is for 20yrs. That’s a long time to be left on your own and still liable.
Here’s the part that rubbed me the wrong way. After 6 years I can buy it… I know it’s the whole LEASE aspect of it. So for me knowing what those up front costs and calculations are will be key.
Here is why… I am leasing a Kia EV9. I got it when the tax credits were big. “Retail” price before credits is like $80k. After credits and rebates the actual cost was like $52k. But my taxes, registration and everything is based on that super inflated retail price of $80k.
So I am interested to see a breakdown of actual numbers. My power bill is KILLING ME right now and I’ve been super interested, but WAY too many scammy companies. I don’t do the hard sell, if you even ask me where my wife is, I show you the door.
A 100k solar install should power your house and the 2 next to you. I just did a sol ark 15k system for about 17k out of pocket and can power my home almost all day unless a really cloudy day prevents the daily battery recharge. But most days I am off grid or darn close to it. Not saying these lease plans are great, but the technoligy definately is and it does NOT have to be so expensive.
Article gives no details. Might as well say flim flam man wants money, give it to him.
When subsidies dissappear, companies somehow magically find a way to deliver the product for less. Everything is priced on what the market can bear to pay. The net cost after subsidy is what the market can bear. The price will come down. They would never have sold a kia at 80k. The real price was the net price. Government corporate welfare, not a consumer subsidy. In Engkand, every time they raise the heat pump subsidy, the retail price goes up.
The true shame of the solar industry is that every local electrician should be in the business. There is nothing special about solar other than fear of heights that any local electrician cannot handle.
I have seen many PPA and lease deals that cost the consumer more money than their original electric bill.
Currently on the market are used systems for 10 cents on the dollar that have 30 years of life left in them. Panels rarely fail, so replacing the inverters over the life of the system is manageable. Always own it. Get a loan from a credit union, not a solar finance company.
I have a bunch of pieces for a solar setup. I have a Enphase 7000 and 10000 connection boxes with cutoff (can’t remember what they are called) and like 30 inverters.
What I don’t have or know how to do is all the paperwork Xcel wants. IIRC there are fees for filing and you have to put your exact setup and it has to match when they come inspect.i wanted to get something quickly and easy setup and grow it. But every time I had more panels or another box or a battery it’s more paperwork, filing, fees and inspections. I don’t have the upfront costs for it all at once, nor do I want to waste two years and thousands of dollars on paperwork 🙁
That and I can’t find anyone who will just help with the paperwork, even for a few. They all want to sell me everything or nothing.