NEW YORK--(BUSINESS WIRE)--Many homeowners love the idea of going solar but simply cannot afford to buy the pricey solar energy systems. Solar installers often lose sales to customers who don’t want to drain cash reserves or tap lines of credit for their systems. Now, BrightGrid Solar, a new company in the solar financing marketplace, introduces a financial product that solves both challenges.
“Homeowners can now lease their solar energy systems, rather than buy them, which dramatically reduces or eliminates the upfront cost,” says BrightGrid CEO Stephen Crawford. “We’re making it easy to do that, too, by giving our installer partners a suite of online tools that generate a customized lease proposal at the point of sale, often right in the customer’s home. Our operating platform also provides a turn-key lease solution for our largest integrator and manufacturing partners that require dedicated financing programs.”
Homeowners simply submit an online credit application via a secure server operated by BrightGrid and receive same-day credit approval. Customers also execute the lease agreement on-line.
“Our initial investment in creating fast, secure online proposal and credit application software lets us put an innovative financing option into the hands of our partners and lets homeowners begin using clean solar energy and reaping the energy cost savings right away,” notes Michael Ruehlman, Director of Business Development.
BrightGrid is currently running a pilot program with installer partners in northern California in the PG&E service territory, giving BrightGrid access to a residential project pipeline of several thousand households. “Initial results indicate that our lease customers will save 10 percent to 20 percent of their combined energy costs in the first month of going solar, and our installer partners capture more sales and close them faster,” says Ruehlman. “It’s exciting because, when you consider the global environmental benefits, it’s a win-win-win solution for everyone.”
BrightGrid was founded in late 2009 with an initial investment from Pan Asia Solar, a private investment firm focused on early stage solar energy companies. In addition to Crawford and Ruehlman, who both held executive positions at Pan Asia prior to founding BrightGrid, the start-up’s executive team includes Timothy Slavin, Vice President of Credit and Operations, and Roger Franco, Sales Program Support Leader. Before joining BrightGrid, Slavin held senior management positions at Siemens Financial Services, Gramercy Capital, CitiCapital, and AT&T Capital. Franco held senior management positions at Siemens Financial Services, Inc., and AT&T Capital, prior to joining BrightGrid.
BrightGrid Solar is a financial services company that makes switching to solar energy easy and affordable for homeowners who choose to lease, rather than buy, their solar systems. BrightGrid partners with a select set of high quality solar integrators in the markets it serves. These partners benefit from BrightGrid's sales support and tools, including software to prepare customized point-of-sale leasing proposals, applications, and documentation. Our mission is to facilitate widespread use of solar energy among homeowners nationwide and lead real environmental change with clean energy. BrightGrid was founded in 2009 and is based in New York City. More information is available at www.brightgrid.com