Going Solar in Long Island without High Upfront Costs

Sunrun, the nation’s largest home solar company, this week announced it will expand to Long Island to help homeowners go solar without high upfront costs. Sunrun applauds the Long Island Power Authority (LIPA) for opening its doors today to solar service so more homeowners can access clean power while supporting local jobs.

With solar service, also called third-party-owned solar, Sunrun owns the solar system and works with local partners to install it on a customer’s roof. Homeowners pay a low rate for the power, and Sunrun monitors and maintains the system for free. On Long Island, many homeowners will be able to make the switch with no upfront payment.

“LIPA’s decision supports consumer choice, makes solar more attainable for families of all incomes and demonstrates a strong commitment to job creation,” said Sunrun co-CEO Lynn Jurich.

Sunrun looks forward to a successful, cost-effective program for scaling equal access to home solar on Long Island.

Previously, homeowners could only use LIPA incentives if they could afford to purchase a solar system for thousands of dollars. Now, those who choose solar service to eliminate high upfront costs can also participate in LIPA’s rebate program. Homeowners prefer solar service over cash purchase in the nation’s top solar markets.

“This opportunity helps further Governor Cuomo’s clean energy goals for New York while benefiting the local economy,” added Jurich of Sunrun.

Programs that offer equal treatment for all home solar choices, third-party-owned and cash purchase, have a proven track record of success. For example, solar service has delivered over $1 billion to the California economy since Sunrun introduced it in 2007. LIPA’s program now allows for similar economic and consumer opportunities on Long Island.

About Sunrun

Sunrun is the nation’s largest home solar company and invented solar power service, a way for homeowners to go solar without the high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner’s roof, while families pay a low rate for clean energy and fix their electric costs for 20 years. Since Sunrun introduced solar power service in 2007, it has become the preferred way for consumers to go solar in the nation’s leading solar markets. More than 26,000 homeowners in 10 states have chosen Sunrun, and the Company partners with over 25 leading local solar companies who together employ more than 3,000 workers. Sunrun has attracted enough capital to support the purchase of $1 billion in solar systems from investors including U.S. Bancorp and raised $145 million in venture capital from Accel Partners, Sequoia Capital, Foundation Capital, and Madrone Capital Partners. For more information visit: www.sunrunhome.com.

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Posted by admin on Oct 28 2012. Filed under Finance/Investing, Press Releases, Solar PV. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry