Open Energy has announced the launch of a new financial product for the commercial solar market – the Open Energy Capital Lease. The capital lease offers small and medium-sized American businesses 100 percent project financing, with zero money down. Open Energy has launched an initial program to finance $50 million worth of commercial solar installations, available across the United States in all 50 states, with an expansion to $100 million due later this year.
“Commercial solar installers have never had access to this simple financing product before,” said Graham Smith, CEO of Open Energy. “With the Open Energy Capital Lease, we intend to support solar installers across the country to enhance their finance offerings while helping more American businesses go solar. It’s a win-win for both parties. Installers solve their working capital needs during construction, while business owners retain the full benefits of owning a solar system without having to put down any capital upfront.”
All solar installations costing between $200,000 and two million dollars are eligible for funding. Installers can apply on Open Energy’s website and access financing via a straightforward online application in as little as 10 days.
To date, Open Energy has financed over 30 megawatts (MW) of commercial solar and aims to surpass 100 MW by the end of the year.
— Solar Builder magazine