Solar-plus-storage is assumed to be the way of the future, someone just needs to figure out the best economic path forward. Tabuchi America may have taken the first step in that direction with GEOSmart SolPower Program, an unprecedented 20-year loan program and lease option that will provide $300 million in financing for residential solar-plus-storage installations. This is the largest residential solar-plus-storage financing program announced to date. The GEOSmart SolPower Program is currently available in 17 U.S. states.
To design and offer the program, Tabuchi joined forces with the Electric & Gas Industries Association (EGIA) a nonprofit energy efficiency and renewables advocate. EGIA delivers financing and discounted business and training solutions to contractors, manufacturers and distributors. Just as new financing and incentive programs are driving a booming residential solar market, the GEOSmart SolPower Program helps meet growing demand for home energy storage by providing new financing choices to homeowners.
Under the GEOSmart SolPower Program, customers receive financing directly from EGIA’s GEOSmart Financing Clearinghouse to cover the installation of photovoltaic (PV) systems and Tabuchi smart inverters and batteries. EGIA provides financing at fixed annual percentage rates (APRs) from 10 years at 1.99 percent and 20 years at 4.99 percent, as well as options for no down payment and no prepayment penalty. The loan covers materials, installation, and development up to 100 percent and loan term options are 10, 12, 15 and 20 years. Participants in the program own the system as well as all tax and solar incentives directly, without using their home as collateral.
“The market is full of interest in solar-plus-storage, but high upfront costs and the complexity of seeking out separate solar and storage systems has been a roadblock for too long,” said Harumi McClure, COO and President of Tabuchi America. “For the first time, residential solar customers can benefit from all the advantages of solar-plus-storage with the same ease and low cost as going solar in the first place. This is a major industry advance designed to help solar customers make the most of their investment while accelerating business for solar installers across the country.”
For EGIA, which has facilitated the financing of over 400,000 residential and business projects valued in excess of $3.2 billion, the new loan program is a response to installers’ demand for more innovative solar-plus-storage packages to offer their customers. With interest in residential solar-plus-storage on the rise, installers are searching for ways to set themselves apart from the competition.
“Promoting solar-plus-storage is perfectly aligned with our mission of facilitating energy efficiency and renewables projects, and our financing expertise is the best way to contribute to that goal,” explained Paul Bony, Director of Renewables and Contractor Development at EGIA. “As we considered different solar-plus-storage options for a partnership, Tabuchi America stood out in the quality of its product and convenience that comes with its all-in-one smart inverter and battery package. Our members—thousands of residential contractors and electrical professionals who install residential solar systems—are enthusiastic about offering the financing package to their customers, and we expect strong interest in the program where it is available.”
— Solar Builder magazine