Vivint Solar Raises $540 Million to Finance Solar Projects for American Homes
(3BL Media/Justmeans) – Vivint Solar, the Provo, Utah-based second-largest residential solar installation company in the United States, has just raised more than half a billion dollars to finance residential solar projects around the country. The company is engaged in the designing, installation, monitoring and servicing of residential solar systems with no upfront costs to the home owners.
Vivint raised tax equity financing to the tune of $200 million in August. Combining it together with the latest round of funding, the company has managed to raise three-quarters of a billion dollars in three months. The company operates at present in California, Hawaii, Maryland, Massachusetts, New Jersey, New York, and Washington, D.C.
Green Tech Media and Solar Energy Industries Association (SEIA) forecast that during 2013, the solar industry will install 4.4 gigawatts of solar power facilities. This is up by nearly one-third over the same period last year. According to SEIA, solar installations are up by more than 75 percent, and another 65 percent increase is expected in 2013.
Rapid expansion of the solar industry has made solar power the fastest growing source of energy in the U.S., as per SEIA. This major growth trend has led to new opportunities for companies such as Vivint Solar to bring solar power within the reach of a large number of people with creative financing solutions. Installation of solar panels requires a substantial amount of initial capital, but it proves to be cost effective for consumers in the long run.
Solar business faces a key hurdle as both residential and commercial consumers are usually hesitant to pay a hefty price for the purchase, installation and maintenance of solar power. This is where a solar power “service provider” such as Vivint Solar comes in. Such companies aspire to make the conditions more affordable for consumers to help them switch to solar power.
Source: Venture Beat
Image Credit: Flickr via Matthijs Koster