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MAGE SOLAR Adds Commercial Financing Option for Integrators in Partnership with CIT

published: 2011-06-16 14:30

MAGE SOLAR USA, part of the globally operating MAGE GROUP, announced that after launching an inventory and residential financing program earlier this spring, the complete system provider is now offering another value added service, this time geared towards commercial projects.

Known for its ARRA-compliant high-performance MAGE POWERTEC modules, intelligent mounting systems, and brand name inverters, MAGE SOLAR has now added another turn-key solution to its outstanding product portfolio. In partnership with CIT Vendor Finance, a global leader in small business and middle market financing, MAGE SOLAR now has cost effective options available tailored specifically for integrators and their commercial projects.

“With over 370 MW in installations in the United States, the non-residential PV-market grew almost 100% last year alone and was one of the biggest drivers especially in the last quarter,” explains Joe Thomas, President of MAGE SOLAR USA. “Our new financing program will help commercial end-users to preserve valuable working capital while offsetting or in some cases even eliminating their electricity bills. And we’re particularly proud to partner with such a well-respected and established company like CIT to offer this service.”

Rising energy costs and a growing number of states implementing Renewable Portfolio Standards, make the decision to switch to clean energy especially attractive for companies with high electricity bills. State and federal programs that are supporting the implementation of renewable energy technologies make change an even more business-friendly move.

“We are excited to announce the launch of this new financing program and to establish a relationship with MAGE SOLAR,” said Ron Arrington, Global President of CIT Vendor Finance. “This transaction represents CIT Vendor Finance’s first agreement within the alternative energy sector which continues to experience significant growth..”

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