February 26, 2013
Vermont solar manufacturer and the largest developer of solar in the state, AllEarth Renewables, has announced a new program to finance solar at no cost to homeowners, businesses, non-profits, and public institutions.
The residential lease is unique in the state by offering a no cost lease for homeowners to net meter with solar at or below their electric rates and be given the opportunity to fully own the system at a significantly reduced cost after 7 years. These projects will consist of between 1 to 4 Vermont-manufactured AllSun solar trackers.
The community-scale solar lease features a similar no-cost program with a guaranteed electric bill savings of 10 percent a year for larger customers, such as businesses, schools, municipalities, and other institutions. These projects will consist of 10 trackers or more and can cover all or a percentage of the customer’s annual electricity demands.
The lease payments under both options in this “home state” program will be at or below the customer’s electricity savings, producing a zero net-cost agreement.
This type of third-party financing model now makes up the majority of solar installation nationally, but isn’t normally available throughout smaller markets like Vermont.
“As a local manufacturer, we are excited to again be able to offer to our Vermont customers a financing option for residential, business and community projects, giving them the opportunity to net meter their energy and produce immediate savings on their electric bills,” said David Blittersdorf, President and CEO of AllEarth Renewables.
The new program mirrors one that AllEarth Renewables offered in past years, which financed more than $18 million in residential installations and solar orchards for businesses and communities around the state.
The company has more than 1,800 AllSun Trackers in Vermont alone and is an Inc. 500 company for fastest growing companies nationwide.
The solar projects will feature the dual-axis AllSun Tracker, which was designed and is manufactured in Williston and produces up to 45 percent more energy than fixed rooftop solar by tracking the sun each day. The tracker won a Green Product of the Year award in 2012.
At the end of last year, AllEarth Renewables partnered with Green Lantern Capital, National Life, Green Mountain Power, to finance projects for the City of Rutland, Cold Hollow Cider Mill in Waterbury, Woods Market Garden in Brandon, and the Town of Williston.
AllEarth Renewables has provided solar to Vermont companies such as Concept2, Small Dog Electronics, and the Merchants Bank, Vermont institutions like Middlebury College and the University of Vermont, the municipalities of Starksboro, Hinesburg, and Rutland, and to hundreds of Vermont homeowners.
More information is available at: www.allearthrenewables.com/go-solar
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