Tech CU (Technology Credit Union), in conjunction with Belvedere Solar Finance, is introducing a solar financing program for its commercial, non-profit and government members. The program will allow members to finance solar systems ranging in price from $100,000 to $2 million with no money down. All financing will be structured so that savings from solar will cover the cost of the financing over time.
“Earlier this year, Tech CU made a strong commitment to fund residential solar loans. However, we quickly realized there was a need to fund solar for our commercial, non-profit and government members as well,” said Joe Anzalone, Chief Commercial Banking Officer of Tech CU. “We began looking for a partner who could help us structure financing that takes into account each member’s unique situation, cash flow objectives, and ability to use the tax benefits associated with solar. Having successfully worked with the Belvedere principals before, I was confident we could meet these requirements and more.”
The new solar financing program will offer a range of financing alternatives including:
• Leases: For commercial entities unable to use solar tax benefits.
• Loans: For commercial entities who can use solar tax benefits, and for non-profits ineligible for tax benefits.
• Tax-exempt leases: Designed specifically for government entities.
“Installing solar will allow members to significantly reduce their carbon footprint, insure against rapidly rising electricity costs, and dramatically reduce electricity costs,” said Dick Leask, president of Belvedere Solar Finance, a Richmond-based company. The company has been working with California community banks and credit unions since 2006 to offer solar financing for commercial, non-profit and government solar installations. “We have structured more than $100 million in solar leases and loans, and users invariably enjoy dramatic cost savings. We’re looking forward to helping Tech CU’s members.”
“At Tech CU, respecting our environment and embracing green energy alternatives has always been a focus,” said Todd Harris, CEO of Tech CU. “Over the past few years, we’ve added solar to our own office environment – shrinking our non-renewable energy consumption by nearly 30 percent. We look forward to helping other businesses achieve similar results and enjoy the cost savings of solar.”
— Solar Builder magazine