Los Gatos, California [RenewableEnergyAccess.com] Comerica Bank, one of the country’s largest financial institutions, is offering a new financing program for customers of Akeena Solar who want to invest in solar systems.
Starting this week, Comerica Bank will work with Akeena customers to finance their solar power needs. Akeena has established an alliance with Comerica Bank to make financing “as easy as turning on a light switch in a solar-powered home,” said Barry Cinnamon, CEO of Akeena.
Comerica Bank has a variety of home equity and other financial products and services to meet the needs of Akeena’s solar power customers.
“More and more homeowners are installing solar systems because they save the environment—and they save customers money on their energy bills,” Cinnamon said. “Even with government incentives paying about a third of the cost of the average system, customers always worry about the hassle and cost of financing. This alliance with Comerica will solve those financing worries. And in most cases, the monthly after-tax HELOC payments will be less than the electric savings from the solar power system—providing positive cash flow for our customers the moment the system is switched on.”
Comerica Bank considers the loans a logical investment. “Solar adds to the value of a house and saves customers money every month, so when homeowners can improve their cash flow it’s good business for us, too. Comerica Bank is excited to team up with Akeena to offer an easy and quick financing solution for their solar power customers,” said David Szafranski, Vice President of Marketing of Comerica Bank.
Information about Comerica’s loan programs will be available to Akeena’s California customers at Akeena showrooms.