Renova Solar, a company that makes solar panels for small businesses, announced a new solar loan program that offers up to $20,000 in financing for projects with up to 50 square feet of space, and up to 25 percent interest.
The company said the new loan program is a way for small-business owners to “break even on solar energy” without needing to raise capital.
“Small businesses that don’t have the financial resources to install a solar panel and are looking for financial relief should consider our solar loan opportunities,” Renova said in a press release.
“Renova solar is a small-scale loan program and will give you up to 20% interest.”
The company offers a $5,000 loan with a 0 percent APR, and an $11,000 “sub-prime” loan with an interest rate of 7.5 percent.
There’s also a $10,000 solar loan that is available to those with no income whatsoever.
According to the press release, the loans will be offered on a sliding scale, with lower interest rates being offered for projects of $1,000 or less.
“With this loan program, you can get solar energy for the cost of your home, while at the same time helping to offset your electric bills,” Renovas CEO and founder, John Zagorski, said in the press call.
The solar loan offers a 10 percent down payment on the project, and a 30 percent down-payment on the solar panel installation.
There are no minimums on the program.
Zaggerski told The Next Weights that the goal of the program is to make solar more affordable for small entrepreneurs, who may be more likely to be self-employed or looking to invest in a solar project.
“We’re going to be targeting those who are more likely than other people to be in that situation, and that is our goal,” Zagrski said.
He also said that the company’s solar loans would be available for up to 15 homes per project, with up a total of 1,600 square feet.
Ziggerski said the company is looking to build a new facility in North Carolina and is hoping to start offering solar loans in 2017.
The goal of this new solar project is to get some additional capital to grow the business.
“I think it’s going to accelerate growth in the state of North Carolina, which is where we were originally set up,” Zagski said of the company.
The news comes as solar has become a more viable option for small solar businesses.
In May, the Solar Energy Industries Association, a trade group representing solar companies, released a report that said solar energy accounted for about a third of all solar installed in the United States in the third quarter of 2016.
The report found that the average solar installation in 2016 was $3,200, and solar PV installed in North America was valued at about $3.5 billion.
According the report, solar is now an affordable option for many small business owner and small- and medium-sized home remodeling projects, as well as those with limited land.
Solar is also now being seen as a viable option when it comes to homeowners, as it is becoming more common to install solar panels in homes and apartments.
Earlier this month, the International Business Times reported that a survey conducted by U.S. homeowners found that solar energy is increasingly becoming an attractive alternative to other energy options.
“For the majority of the population, solar energy offers the greatest opportunity for cost reduction,” said Tom Scholz, director of the Solar Research Center at the University of Texas.
“The cost of energy in general is decreasing at a rapid rate and is now a cost-competitive alternative to fossil fuels and nuclear power.
We are seeing a dramatic reduction in the cost per watt of solar and are seeing solar energy as a cost that can be more readily and readily shared with other types of utilities and companies that want to sell electricity,” Schols said.
“A growing number of homeowners and businesses are choosing to install and store solar panels on their roofs as a low-carbon, energy efficient alternative to traditional power plants.”
With more and more small businesses adopting solar panels as a way to reduce their energy bills, Zagerski told Next Weighing he believes the solar loan is a good way to attract more small business customers to the solar industry.
“Our business model is to provide our customers with financing so they can build a business,” Zigerski said, adding that Renova will be offering more solar loans to its customers starting this month.
“So, if you have a project that is a $20 million project, we’ll be able to provide you with an option to build that project for $15,000,” he said.
Renova says it has received more than 4,300 requests for solar loans from small businesses since the launch of the solar program, and the company