Oct 12 2009
'Solar Now Same-As-Cash' Program Defers Payments and Interest on SunPower Solar Power Systems Up To 18 Months; Generates Approximately $3.0 Million in Approved Loans To Date
Mercury Solar Systems, one of the leading solar integrators on the East Coast, today announced that it is offering its customers the SunPower 'Solar Now Same-As-Cash' program, a fast, easy way to own a high-efficiency solar power system. Since the initial launch of the program in mid-July, approximately $3.0 million in loans have been approved for homeowners in New York, New Jersey and Connecticut, for the purchase of a residential SunPower solar power system through Mercury Solar Systems.
"Solar Now is a quick, easy way to enjoy the financial and environmental benefits of owning a solar power system with no upfront capital expenditure," said Jared Haines, President of Mercury Solar Systems, a SunPower premier dealer. "Homeowners can defer payment up to 18 months until they receive their federal tax refund while generating emission-free solar power and immediate savings on their electricity bill. If they live in an area where a local or state solar incentive is scheduled to decrease in the coming months, they can take advantage of Solar Now to lock in their eligibility for those benefits."
SunPower has partnered with EnerBank USA to offer the Solar Now program, which provides loans up to $45,000, through selected SunPower dealers across the U.S. Under the program, qualified homeowners make no principal payments and pay no interest for up to 18 months, essentially receiving free electricity for that period of time. There is no application fee or pre-payment penalty. With a paperless loan-by-phone application process, credit decisions are generated within approximately 10 minutes.
Ken Edwards, a homeowner in Greenwich, Conn., said, "The Solar Now program, along with the Connecticut Clean Energy Fund solar rebate and the 30 percent federal tax credit, opened a window of opportunity to achieve a rapid payback on our solar investment. It's a win-win for us, the economy and energy independence. EnerBank USA made the loan process very easy, and our high-efficiency SunPower system is maximizing the amount of clean power generated on our roof every day."
"Compared to solar leasing programs available from other companies, SunPower's loan programs offer significant tax advantages and the opportunity to easily transfer the solar power system - and its value - when you sell your home," said SunPower Chief Marketing Officer Jan Soderstrom. "Why spend years paying to essentially rent a system, when you can enjoy the benefits of ownership today? The time for solar is now."
Source: http://www.mercurysolarsystems.com/