BloombergNEF is forecasting more than 50,000 Californian homes will benefit from new solar storage systems this year, despite the difficulties caused by the pandemic. That’s a four-fold increase on last year.
One of the drivers could be the power cuts the area suffered from last year, also new build properties from January 1st 2020 onwards must have a solar system fitted.
Hoping to capitalise on the trend, solar finance specialist Mosaic has launched a new scheme called PowerSwitch ZERO. It’s a loan which has no initial repayments for the first 12 months, before a repayment period of between ten and twenty years starts. There is no penalty for paying up early.
Billy Parish, founder and CEO of Mosaic notes, “The solar industry employs nearly a quarter of a million Americans. PowerSwitch ZERO lets solar crews help American families get the clean energy that they want. This innovative zero-payment period combined with the simplest and safest way for a customer to apply for financing will accelerate sales, help families manage their cash flow, and advance our vision of clean energy for all.”
With regard to social distancing, the company offers a new contact-free sales tool which can generate quotes, pre-approvals and final loan decisions from a mobile phone.
SunPower has also been making good progress in the US residential market. After announcing US$30 million in positive cash flow, CEO Tom Werner said, “We launched a number of new products including our SunVault residential storage solution, our OneRoof product for new homes as well as Maxeon's launch of its new bifacial, shingled panel for the global power plant market. Looking forward, our fundamentals remain strong given our differentiated model, new products and strong balance sheet.”