GRID Altenatives, the nation’s largest nonprofit installer of solar power products, is partnering with Clean Power Finance (CPF) to help more low-income homeowners save money on their electric bills with residential solar. The partnership will help GRID expand the reach of its Solar Affordable Housing Program to hundreds of additional families in California, Colorado, New Jersey, and New York.
Clean Power Finance is a financial services and software provider for the US residential solar industry. Its financing platform connects institutional investors with solar sales and installation companies in eleven states. Investors and lenders use its platform to invest in solar assets that provide reliable rates of return with managed risk. Founded in 2006, CPF has raised more than a billion dollars of project financing from third-party solar investors that include major corporations, electric power companies, and financial institutions.
“CPF is proud to structure an innovative public-private and non-profit partnership that expands the availability of solar energy to communities most in need of clean, low-cost electricity,” said Micah Myers, senior vice president of business development. “CPF is a long-time supporter of GRID Alternatives’ work serving low-income families, and this is an exciting evolution of our relationship. We are pleased to work with GRID to bring clean electricity to more communities in need.”
”We’re thrilled to be able to make federal tax credits available for solar projects in low-income communities, where the energy cost savings are most needed,” said Tim Sears, co-founder and chief financial and operating officer of GRID Alternatives. “And GRID’s unique model ensures that the families reap the full benefits of the system while ensuring consumer protection.”
GRID decided to join CPF’s partner network after reviewing several other financing options. CPF brings a strong track record of underwriting financed residential solar systems and is recognized as a leader in creating new financing products to address the needs of specific market segments – especially those with limited financing options. It provides services to tribal communities in the US and to rural communities in Nicaragua.