Solar Homes Get No-Money Down Financing Despite NJ Budget Cuts
New Jersey, one of the strongest solar markets in the country, hasbeen troubled by a budget freeze imposed by new Governor ChrisChristie. Among the frozen assets are $158 million from the NewJersey’s Clean Energy Fund. If these funds are not released back intooperation, the CEF predicts lower solar rebate levels for 2010. This isa move that could hurt not just individual homeowners looking to gosolar, but could damage overall economic growth within the state asrenewable energy companies find themselves at a loss for business.
Solar leasing programs have recently opened up in the state. Withzero or no money down, a solar lease can be an excellent solution forhomeowners who want to get solar and move away from traditional energysources, but who can’t finance the large up-front investment thetechnology still requires. Leases are made possible by predictablerevenue streams from the solar installations in question, includingrebate payments.
New Jersey solar installer Geoscape Solaris one of the solar leasing pioneers in the state, and the first tooffer a no-money down leasing option. Today, Geoscape announced itwould continue to offer this financing option to its customers, despitethe higher cost that will present to the company if solar rebate levelsdo decrease. Co-founder and President Jeffrey Chavkin says,
We strongly believe in the value of and future of solarenergy and will continue to make it easier for consumers to jump onboard through these leases, even though the incentives that help usunderwrite the leases may not be available.
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