Westinghouse Solar Offering Solar Loans as it Starts Residential Installations in the U.S.

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CBD Energy announces that its U.S. subsidiary, Westinghouse Solar, will begin offering home solar loans. This comes on the heels of the company’s announcement of its first residential solar installation in the U.S.

It didn’t take long for CBD Energy Limited CBD; OTCBB: CBDNF) to go from announcing its first residential solar installation in the U.S. to saying it will be providing home solar loans. 

Today, the company announced that Westinghouse Solar, its U.S. subsidiary, will begin offering financing of up to $45,000 on residential solar systems for qualified customers. The financing will come from $20 million of third-party funding capacity allocated to the company.

 

CBD has already completed more than 17,000 residential installations under the name Westinghouse Solar in Australia — one of the biggest solar adopters in the world. Westinghouse Solar has also installed numerous commercial and utility-scale systems worldwide.

 

Loans are becoming a more prominent option for residential solar, as an alternative to leasing or buying. Westinghouse Solar is getting in front of this trend by offering loans as soon as they enter this market.

 

James Greer, SVP of Westinghouse Solar U.S., detailed the benefits of solar loans in a statement: “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. 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.”

 

The company expects demand for the loans to be high and is already preparing for future growth.

 

Westinghouse Solar residential systems sold in the U.S. will be backed by a 20-year warranty. Solar system loans offered by the company will be underwritten, serviced, and owned by third-party financing sources. Neither CBD nor Westinghouse Solar will retain financial exposure to loan delinquencies or defaults.