Westinghouse Solar, CBD Energy Limited’s U.S. subsidiary, will begin offering financing of up to $45,000 on residential solar systems for qualified customers from $20 million of third-party funding capacity allocated to the company.
CBD, a diversified clean energy company and provider of solar systems, has completed more than 17,000 residential installations in Australia and numerous commercial and utility-scale systems worldwide. CBD Energy Limited markets its residential and commercial solar installations under the name Westinghouse Solar. This financing option complements the imminent U.S. launch of Westinghouse Solar to offer residential solar systems in select U.S. markets. Westinghouse Solar residential systems sold in the United States will be backed by an industry-leading 20-year warranty.
“Our new loan facility lets Westinghouse Solar offer a zero-down solar offering with competitive financing terms that provide favorable economics for the customer. The loan program also allows our solar system customers to retain the full benefit of available tax credits and other renewable energy incentives, and to avoid potential issues involved with transfer of leases or power purchase agreements if/when they sell their homes,” said James Greer, SVP of Westinghouse Solar U.S. “Use of our loan program by our customers will also ensure that local incentives benefit residents of the participating communities and enhance local economic growth. Consequently, we expect the demand for Westinghouse Solar system loans to be high. The $20 million in financing capacity CBD has arranged should be adequate to meet the needs of Westinghouse Solar customers for the next several months. We are already exploring ways to expand our solar system loan capacity to handle future growth and meet the needs of new solar system buyers.”
Solar system loans offered by Westinghouse Solar will be underwritten, serviced and owned by third-party financing sources and neither CBD nor its U.S. subsidiary, Westinghouse Solar, will retain financial exposure to loan delinquencies or defaults.