The rapid growth of residential solar in the USA last year has been largely attributed to the increasing availability and choice in financing solutions.
According to GTM Research’s U.S. Residential Solar Financing 2015-2020, 72% of residential solar installations in 2014 were Third Party Owned (TPO).
“The first wave of growth in the residential market, from about 2010 to 2014, can be attributed to third-party financing for leases and PPAs (power purchase agreements) that made solar affordable to the masses,” says GTM’s Nicole Litvak; Senior Analyst, Solar Markets.
While the percentage of TPO systems in the years ahead is forecast to drop, the actual number of third party owned systems installed will jump significantly as the USA increasingly embraces home solar power.
” The residential solar market is still in its infancy, and the competitive landscape continues to evolve thanks to new market entrants, acquisitions, and constantly changing consumer finance options,” said Ms. Litvak
GTM’s report examines the current and future residential solar power market in the USA, including consumer finance trends and the post-2016 market outlook. Detailed market sizing and forecasts through 2020 are also included.
Solar PPA and leasing options have been available in Australia for some time as an alternative to system ownership. SunEdison Australia offers commercial solar PPA and a residential lease product called SunEdison Energy Plan.
Under SunEdison Energy Plan, eligible customers can make the switch to solar with zero dollars up front and generation is guaranteed. Insurance coverage protects the system against damage and theft and the company continually monitors the solar panels to help ensure peak performance at all times. Customers are also able to view system performance and other useful information via an online portal.
SunEdison Energy Plan offers the benefits of solar, without the burden of ownership – the company says it’s a truly worry-free way of going solar.
SunEdison Australia is currently gearing up for the next stage of the product’s evolution – energy storage. Customers signing up for SunEdison Energy Plan now will be able to upgrade to home battery storage when the option is available.
