PG&E and SunRun Create $100M Home Solar Financing Fund
21 June 2010
Pacific Energy Capital II, LLC, a non-utility subsidiary of PG&E Corporation, and SunRun Inc., a provider of home solar financing, announced a $100-million tax equity project financing agreement to fund SunRun’s installation of more than 3,500 new home solar installations across the nation. The investment, principally funded by PG&E Corporation shareholders through Pacific Energy Capital, creates the largest residential solar financing vehicle established to date.
Under the agreement, Pacific Energy Capital will provide financing for the rooftop energy systems and both parties will receive payments from SunRun customers. SunRun will manage the projects.
SunRun offers home solar power without high upfront costs through power purchase agreements (PPAs) and solar leases. Through SunRun’s solar plans, homeowners pay as little as $0 upfront to get solar panels installed, followed by a monthly payment. SunRun provides complete solar maintenance, monitoring, repairs, insurance and money-back performance guarantee.
The solar systems funded under the agreement are expected to be installed in 2010 and 2011 in at least five states, including Arizona, California, Colorado, Massachusetts, and New Jersey. SunRun currently serves more than 4,000 customers in these five states, and is growing 500% year-over-year. SunRun now partners with 15 leading solar integrators that are located across the country.
Great to see solar grow but probably cheaper to just add more insulation and/or better windows/doors.
Posted by: danm | 22 June 2010 at 12:57 PM
Cogeneration is a more cost effective use of capital to save energy and CO2. ..HG..
Posted by: Henry Gibson | 24 June 2010 at 01:45 AM
When you look at their plan, you are either paying for energy or equipment. The equipment may pay back in 15 years and last 30, but from the consumer standpoint it is about the same cash flow.
Posted by: SJC | 24 June 2010 at 12:46 PM