Major PV manufacturer JinkoSolar’s US subsidiary has teamed with Ygrene Energy Fund to support the financing of residential and commercial PV systems in the US.
The financing deal structured into Ygrene's PACE (property assessed clean energy) financing programme, offers zero money down, 100% project financing that is not based on credit score, enabling property owners access to the 30% federal solar investment tax credit (ITC).
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Contractors are paid immediately after a property owner signs-off at project completion, reducing risk and financing work for installers.
Companies such as SolarCity have highlighted the relatively untapped market for small and medium-sized businesses that own commercial property but lack the financing strength to install PV.
“Innovative PACE financing is a major opportunity for growth in residential and commercial sales, so we are excited to offer this joint program with Ygrene, as we continue to expand our footprint in the US,” said Mr. Nigel Cockroft, general manager of JinkoSolar (U.S.) Inc. “We believe the Jinko-Ygrene program offers the customer an optimal path to ownership of solar systems.”
Mike Cary, Chief Operating Officer of Ygrene added, “Ygrene has approved over US$400 million in energy efficiency upgrade projects, and this partnership will help us offer customers low-cost solar solutions while helping cities and counties increase levels of renewable energy.”