New financing program allows PA homeowners to go solar for $0 down

White River Junction, Vt.  (June 15, 2010) – National solar power installer and distributor groSolar announced today the launch of a new residential solar leasing program for homeowners in Pennsylvania, offered in partnership with AFC-First Financial and Middle Atlantic Solar Leasing, LP. It is the first of its kind in Pennsylvania. The solar leasing program allows a homeowner to lease a rooftop solar electric system for little or no money down, and pay a monthly fee for the solar electricity the panels produce. Homeowners also have the option to buy the solar system outright at a later date.
By replacing more expensive utility power with a new, lower solar lease payment, participating homeowners can expect to see a decrease in their total household electricity costs. Also, since the lease payment is fixed for the initial 15 year term of the lease, homeowners can protect themselves against unpredictable utility rate increases in the future.
“This is great news for Pennsylvania homeowners who are looking to save money on home energy costs with solar power,” said groSolar CEO and cofounder Jeff Wolfe. “We talk to homeowners all over the country who want to go solar – some because they want to save money, and others because they
support clean energy – but many lack the cash to make the initial investment. With little or no up front cash needed, and fixed low monthly payments for solar electricity, the leasing model makes solar truly affordable for people who prefer not to make the initial investment. That’s the solution we need nationwide in order to create a clean-energy future for America.”
The program leverages state and federal incentives and aggregates solar renewable energy credits (SRECs). The program is available to groSolar customers who meet minimum qualifications through a simple application process.
“With a solar lease, homeowners who are considering solar no longer have to postpone that decision until they have the up-front cash - they can get into solar today and enjoy all of the benefits: saving money, protecting the environment, and protecting themselves from rising utility rates,” Said Adam Stern, Partner, Middle Atlantic Solar Leasing, LP.
groSolar recently opened a new office and warehouse in the Philadelphia-metro area in response to increased demand for solar from area homeowners. groSolar’s Broomall location is expected to create 30 green jobs in the area, and the company anticipates that the new solar leasing option will significantly expand interest in residential solar.
“We expect things will be very busy in our Broomall offices this summer,” said groSolar COO Jamie Resor.
For more information, visit grosolar.com/solar-lease.
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About groSolar
groSolar is North America’s premier distributor, installer and integrator of solar energy solutions for residential and commercial installations. Founded in 1998, groSolar is the largest 100 percent U.S.-owned distributor in the solar industry, and is the fourth-largest residential installation company in North America. The company has offices and warehouses across the US, distributing solar electric and solar hot water systems from offices in VT, NJ, NY, CT, MA, MD, DE, PA, and CA. groSolar integrates components from leading solar manufacturers including Zep Solar, Canadian Solar, Solon, Del Solar, Sunward, Enphase, SMA, Fronius, UniRac and others into simple solar energy solutions for customers that generate clean, reliable energy for decades. groSolar is a mission-driven company dedicated to providing high quality solar energy solutions and whole energy appreciation. groSolar’s venture capital investors include NGP Energy Technology Partners, SJF Ventures, and Calvert Social Investment Fund. Learn more at grosolar.com or call 800.374.4494 between 8AM and 8PM EST.