By Frank Andorka, Senior Correspondentthey
CleanFund, a national property assessed clean energy (PACE) purveyor, announced they will be partnering with SunPower to extend the reach of its commercial SolarPACE programs.
Commercial companies looking to finance solar improvements or other clean energy and energy efficiency upgrades without any upfront costs can now access CleanFund’s tools through SunPower’s network of solar installers.
The announcement heralds at least three significant developments within the solar industry:
1) It broadens the reach of commercial PACE programs, an increasingly attractive option for companies that want to add solar to their businesses but balk at the sometimes significant upfront outlay of cash;
2) It means commercial financing in general is becoming easier, which is important because the commercial segment itself has lagged behind other industry segments in financing options; and
3) It shows SunPower is looking to move beyond its upscale residential market and move more strongly into the commercial segment of the industry.
In states where PACE programs exist, they are popular. Under commercial PACE programs, businesses can finance upgrades like solar installations with no money down and pay back the investment through their property taxes. In a segment where financing is hard to come by, PACE gives business owners an easy way to do what many of them want to do anyway. Communities like it because it’s a way for them to collect more property taxes to fund schools and other municipal priorities.
What may be most interesting in the announcement, however, was the SunPower connection. Traditionally, SunPower has focused on upscale residential installations. With the purchase of SolarWorld earlier this year, they already indicated they may be considering a move into less upscale residential solar. The deal with CleanFund indicates they are also looking to move into the commercial segment in a more significant way.
CleanFund also has an arrangement with Jinko Solar.