ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, announced that its installer and EPC customers may now offer leases to qualified residential customers without requiring a down payment. Sunnova launched its leasing program in late 2012 and selected ReneSola as one of its approved vendors, based on the Company's superior quality line of high-efficiency solar PV modules.
"Given the volatility of the solar PV industry, we are always very careful when selecting our dealers and suppliers," said Jordan Fruge, Sunnova's senior vice president of sales and marketing. "ReneSola has proven to be an asset not only to our portfolio, but also to the entire industry. We recognize that ReneSola, like Sunnova, is in this business for the long haul. We are excited to bring our leasing product to homeowners in California and Arizona, with more states to be added soon. This provides an affordable option for homeowners to make the switch to solar with ReneSola modules."
Sunnova's residential solar lease is available to homeowners with a number of payment options. Down payments range from zero to $5,000, and monthly lease payments can be structured over 25 years. Moreover, Sunnova's lease is not subject to variable solar investment tax credits or to the U.S. Treasury Department's 1603 Program, which is expected to shield the program from price fluctuations. Homeowners may qualify with a credit score of 650, which offers an entry level below that of a number of competing programs. The Sunnova lease program, it is hoped, will revolutionize the residential solar space, which is why ReneSola proceeded with the approval process.
"There is a tremendous need in the residential solar space for this type of program and we've been planning for this type of opportunity since we first entered the U.S. market," said ReneSola's CEO, Mr. Xianshou Li. "Working with Sunnova will open up a new market of residential solar projects with flexible payment terms and an easier qualification process. With the efficiency of our modules and the benefits of Sunnova's lease programs, homeowners will see higher system lifetime savings and greater annual production at a very competitive price per kilowatt hour. This partnership will be instrumental in helping homeowners hedge against rising utility rates."