SAN FRANCISCO, 5 March, 2015 –GRID Alternatives (GRID), the nation’s largest non-profit solar installer, has become a channel partner to Clean Power Finance (CPF) to help more low-income homeowners save money on their electric bills with residential solar. Channel partnership with CPF will help GRID expand the reach of its Solar Affordable Housing Program to hundreds of additional families in California, Colorado, New Jersey and New York.
Through third-party ownerships financed through CPF’s platform, low-income solar installation projects will benefit from Federal tax credits and depreciation. This will help GRID increase its low-cost solar services to low-income energy customers in areas with limited state and local incentives, as well as stretch existing incentives further. In addition, CPF will provide GRID clients with comprehensive consumer services, including system maintenance and monitoring, and each client will receive a performance guarantee.
“CPF is proud to structure an innovative public-private and non-profit partnership that expands the availability of solar energy to communities most in need of clean, low-cost electricity,” said Micah Myers, senior vice president of business development at CPF. “CPF is a long-time supporter of GRID Alternatives’ work serving low-income families, and this is an exciting evolution of our relationship. We are pleased to work with GRID to bring clean electricity to more communities in need.”
”We’re thrilled to be able to make Federal tax credits available for solar projects in low-income communities, where the energy cost savings are most needed,” said Tim Sears, co-founder and chief financial and operating officer of GRID Alternatives. “And GRID’s unique model ensures that the families reap the full benefits of the system while ensuring consumer protection.”
GRID decided to join CPF’s channel partner network after reviewing several other financing options. CPF brings a strong track record of underwriting financed residential solar systems and is recognized as a leader in creating new financing products to address the needs of specific market segments – especially those with limited financing options.
About Clean Power Finance
Clean Power Finance (CPF) is a financial services and software provider for the U.S. residential solar industry. CPF’s financing platform connects institutional investors with solar sales and installation companies in eleven states. CPF’s software, CPF Tools®, helps solar professionals in all 50 states design, quote and sell solar deals. Solar professionals use CPF to access a variety of third-party owned residential solar finance products, including power purchase agreements (PPAs), leases, PACE products and loans. Investors and lenders use CPF to invest in solar assets that provide reliable rates of return with managed risk. Founded in 2006, CPF has raised more than a billion dollars of project financing from third-party solar investors that include major corporations, electric power companies and financial institutions. To learn more about CPF, please visit www.cleanpowerfinance.com.
About GRID Alternatives
GRID Alternatives is a non-profit organization that makes renewable energy technology and job training accessible to low-income communities, bringing together community partners, volunteers and job trainees to implement solar power and energy efficiency for low-income families. More than 5000 families have benefited from GRID’s work to date, saving $125 million in lifetime electricity costs, and 20,000 people have received solar training. GRID Alternatives has ten regional offices and affiliates serving California, Colorado, the New York tri-state region, the mid-Atlantic region, and Tribal communities nationwide. Our international program also provides off-grid solar to rural communities in Nicaragua. For more information, visit www.gridalternatives.org.