Vivint Solar Inc. and Renovate America Collaborate to Offer Rooftop Solar to More Homeowners

Vivint Solar Inc. and Renovate America are collaborating to expand access to rooftop solar for homeowners. By offering Renovate America’s HERO program as its PACE financing option, Vivint Solar is enabling more homeowners to purchase solar systems and lower their utility bills.

Under this business agreement, homeowners will be able to use HERO financing to purchase Vivint Solar systems and pay for them over time through their local property taxes. Payments are made at a fixed interest rate for terms of five to 20 years, and the interest on the payments may be tax deductible. Since it is expected that the system will stay with the home and provide utility savings into the future, any remaining balance on the assessment may be able to transfer to a new homeowner at the time of sale.

The announcement of this relationship comes at the same time as the Federal Housing Administration’s recently issued federal policy guidance that endorses PACE financing.

“We are excited to work together with Renovate America to provide this solar financing product that will make solar available to a range of consumers, including those who either do not have the upfront capital for a solar energy system or for whom traditional loans, Power Purchase Agreements or Solar System Lease Agreements are not viable options,” said Vivint Solar Executive Vice President of Capital Markets, Thomas Plagemann. “We are pleased with the new FHA guidelines that open the door to wider acceptance of the PACE financing product throughout the United States.”

Since its launch at the end of 2011, HERO, which stands for Home Energy Renovation Opportunity, has financed more than $1.5 billion of improvements such as solar, energy-saving roofing, windows, and doors, more efficient HVAC systems, and building insulation. About a quarter of the home energy improvement projects – around 19,000 – have been rooftop solar installations.

“More than 67,000 homeowners have invested in the efficiency of their homes,” said Greg Memo, executive vice president of business development and product strategy at Renovate America. “Vivint Solar and Renovate America are able to provide more families the ability to go solar and lower their utility bills.”

Vivint Solar is rolling out the HERO Program throughout California, and both companies are working with state and local governments to expand this product offering nationwide.

Ygrene Energy Fund and Solar Roof Dynamics Offer Affordable Financing Options for Rooftop Solar

Ygrene Energy Fund Inc., a multi-state provider of residential and commercial PACE financing, announced a strategic partnership with Solar Roof Dynamics LLC, a premier distributor of best-in-class solar solutions for California’s roofing industry. Leveraging Ygrene’s unique PACE financing model, YgreneWorks, Solar Roof Dynamics can now offer consumers through its broad base of commercial and residential partners the ability to pay for their rooftop solar upgrades over time through property taxes.

Via Solar Roof Dynamics’ roster of expertly trained solar contractors, YgreneWorks is now making California’s cleanest, least expensive and most abundant renewable resource—solar—affordable for an even greater percentage of California’s businesses and homeowners, creating the potential for unprecedented growth. This is an exciting addition to Solar Roof Dynamics’ already innovative, value-added business model. Solar Roof Dynamics is transforming the solar industry by working directly through its network of authorized roofing contractors with extensive experience in installing roofing and solar systems. This network of contractors gives consumers the opportunity to install solar panels at the same time that they are replacing their existing roof.

“We have a long history of introducing quality solar products and services to local roofing contractors,” says Aaron Nitzkin, CEO of Solar Roof Dynamics. “With YgreneWorks, we can offer one of the best financing options for solar and roofing available on the market, reach more consumers, and most importantly, generate more clean, cost-effective solar energy to enhance California’s sustainable infrastructure.”

Available in more than 180 communities throughout California and Florida, YgreneWorks provides financing for energy efficiency, water conservation, renewable energy and climate retrofits for homes and businesses. PACE financing programs such as YgreneWorks are authorized by local governments in an effort to stimulate local economies, generate jobs, address climate change and provide constituents with access to low-cost, money-saving home improvement funds. Since its inception, YgreneWorks has approved more than $1 billion in funding nationally for upgrades to the built environment, producing more than $2.6 billion in economic stimulus, 15,500 new and sustained jobs and 65 megawatts of energy, as well as conserving 4.5 billion gallons of water and enough energy to power 1,026,635 homes for a full year and keep 1.2 million metric tons of CO2 from entering the atmosphere.

“California remains at the forefront of renewable energy innovation and the Solar Roof Dynamics partnership will ensure that PACE-financed solar power will be made available to as many homes and businesses as possible,” says Stacey Lawson, CEO of Ygrene. “We’re proud to support California’s accessible and cost-competitive solar installation platform.”