Sunlight Solar customer Jen Miller, who works with her husbandCharles at Intel in Hillsboro, sent me an email last week invitingSunlight Solar to attend and table Intel’s two-day event at Ronler Acres Campus to celebrate Earth Day. I, of course, said yes and the timingof the event also happened to coincide with the release of our Oregonpartnership with SunRun and Intel.
SunRun is a national solar power company that specializes in makingsolar affordable for everyone by vastly lowering the out of pocket costfor a residential solar power labor warranty. They are able to do thisin Oregon by accepting the Energy Trust of Oregon incentive as well asthe 30% federal tax credit. system while also providing a long-termoperations and maintenance agreement that includes a 20-year 100%performance, equipment, and
Since SunRun is a corporation, they can depreciate the equipment andpass the discount on to you. For the 20-year agreement, SunRun willmaintain ownership of the solar equipment on your roof and you will reap all of the benefits of having solar power without the cost or hassle of ownership. This is also referred to as a residential PPA (powerpurchase agreement) or a solar power finance program. Essentially – you are pre-paying for 20 years of electricity and hedging against futurerate increases from PGE or Pacific Power (PPL). Below here is a 10-year history of electricity rates from PGE.
SunRun accepts the ETO incentive and federal tax credit, but you arestill able to monetize the $6,000 state tax credit over 4 years at$1500/year. The total out of pocket cost for a 3.24KW solar electricsystem is $6,000. As long as you have a $1500 state tax liability overthe next 4 years then you will monetize 100% of that. So the deal ismost simply put “$6,000 down, and $6,000 back” and never make anotherpayment for the next 20 years. Simple!!
In addition, through an agreement between SunRun and Intel, Intelemployees are eligible for an additional $500 off of the out of pocketcost of the initial down payment of $6,000.
SunRun is a Delaware Corporation that operates in 8 states, has 100employees, and is backed by blue-chip investors including: U.S.Bancorp, PG&E Corporation, Accel Partners, Foundation Capital, andSequoia Capital. This program is nationally established and SunRunowned 30% market share of all PV systems installed in California in2010.
There are some questions you will naturally have out the SunRun program for Oregon. Here is an FAQ.
Q – Can I buy the equipment?
A – Of course, however, with SunRun, you can buy electricity from aclean renewable source, and at a lower cost than you would pay for thesame power from your utility. You will never have to worry about theequipment as it is under a 20-year full 100% warranty.
Q – What are my options at the end of the 20-year agreement?
A – At the end of 20 years you will have three options:
- Renew with SunRun at a guaranteed 10% less than the utility’s baseline at that time
- Buy the equipment at Fair Market Value (determined by 3rd party)
- Remove the equipment at no cost to you
Q – What if I move before the 20-year agreement is complete?
A – You can transfer the agreement to the new homeowner. They willpay no additional costs and your home will have an increased value andpotentially higher selling price
Q – What if SunRun goes out of business?
A – If SunRun were to go out of business you are completelyprotected. An escrow account is created to completely protect yoursystem today and for the entirety of the agreement.
Q – What if my roof needs re-roofing?
A – The Energy Trust of Oregon requires 10-years of remaining rooflife to approve the installation of a PV system. If your roof has lessthan 10-years of remaining roof life we recommend at least re-roofingthe portion of your roof where the solar will go.
I wanted to send a special thank you to all of the Intelemployees/sunlight solar customers who invited us to attend and alsostopped by the booth to say hello, and also to Kristen Stringer fromSunRun who took some time out to Support me at the event.
This program is available for any Oregon resident whose electricityis provided by PGE or Pacific Power. Sunlight Solar will provide theSunRun solar program service statewide including Portland, Gresham,Tigard, Lake Oswego, West Linn, Oregon City, Estacada, Clackamas, HappyValley, Beaverton, Hillsboro, Wilsonville, Milwaukie, Hood River, Bend,Eugene, Corvallis, Albany, Salem, Klamath Falls, Roseburg, Grants Pass,Pendleton, and Medford. If your city is not listed and you are a PGE or PPL customer you are eligible. Call us.
818 SW 3rd Avenue
Portland, OR 97204