CBD Energy Limited announces it has obtained approximately $300,000 of loan approvals for residential solar systems. This comes just three weeks after the program’s soft launch in the Greater Boston area of Massachusetts.
Solar loans continue to figure in the news, as consumers take advantage of a financing option that brings them a number of benefits. Solar loans let residential customers keep any available tax credits and other renewable energy incentives. They also help avoid potential issues involved with transferring leases or power purchase agreements (PPAs) when a customer sells their home. And they can enhance local economic growth by ensuring that local incentives benefit residents in participating communities.
Taking part in this trend is diversified renewable energy company CBD Energy Limited (NASDAQ: CBDE), headquartered in Sydney with principal regional offices in London and New York. Today, the company announced it has obtained approximately $300,000 of loan approvals for residential solar systems.
CBD Energy Limited, which has completed more than 17,000 residential installations, markets its residential and commercial solar installations under the name Westinghouse Solar. Recently, the company announced that it would start providing home solar loans, with a $20 million in financing capacity. It didn’t take long to get from that milestone to this nice sum of loan approvals — which happened within three weeks after the soft launch in the Greater Boston area of Massachusetts.
Westinghouse Solar residential systems sold in the U.S. are backed by a 20-year warranty.
“We’re delighted by the strong response to the Westinghouse brand we’re receiving in the Greater Boston area. Our new loan facility lets us offer a zero-down solar offering with competitive financing terms that provide favorable economics for the customer. Given the many benefits associated with a Westinghouse Solar system and this financing option, we expect the high conversion rate we’re experiencing will continue. This bodes well for Westinghouse Solar as we commence our advertising and marketing campaign,” said James Greer, SVP of Westinghouse Solar U.S.
Greer continued, “We’re confident that CBD Energy’s extensive experience in residential, commercial and utility solar installations will serve us well as we launch a full spectrum of services under the Westinghouse Solar brand in targeted regions across the United States.”
CBDE anticipates that the $20 million in financing capacity announced in May will be adequate to meet the needs of new Westinghouse Solar U.S. customers. CBDE is exploring ways to expand the its U.S. loan facility in anticipation of continued high demand for Westinghouse Solar systems and to meet the needs of new solar system buyers.
Residential solar system loans offered by Westinghouse Solar are underwritten, serviced, and owned by a third-party financing source, and neither CBDE nor its U.S. subsidiary, Westinghouse Solar, will retain financial exposure to loan delinquencies or defaults.