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Sungevity and Lowe’s to Partner Solar Lease Program

by LiveModern Webmaster last modified Jan 04, 2012 02:08 AM
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by Glenn Meyers last modified May 27, 2011

Through the agreement, Lowe’s will provide consumers with Sungevity’s proprietary iQuote, a process that utilizes satellite images and aerial photography to provide a same-day installation estimate. As part of the agreement, Lowe’s has taken an equity position in Sungevity.




 

 

Photo source: Inhabitat

Ask most people if they are interested in looking at how renewable energy upgrades might work in their homes and help reduce the utility bill, and the answer will be affirmative. Of course, they’re interested in creating solutions like these.

That is, until the actual cost of solar, wind, geothermal and other retrofits are calculated. The front-end prices are usually staggering show-stoppers, no matter how appealing the long-term return-on-investment might look. Bottom line, most folks cannot afford the investment money to convert their rooftop to a PV system, or anything else on the list of energy alternatives.

Things may soon be changing on the solar end of the spectrum, though. This May 16, Lowe’s, the world’s second largest home improvement retailer, and Sungevity, a fast-growing, Oakland, CA-based residential solar company with operations in eight states, announced an agreement to provide homeowners more affordable solar solutions in the marketplace, marking a significant step in the mainstream adoption of residential solar.

Through the agreement, Lowe’s will provide consumers with Sungevity’s proprietary iQuote, a process that utilizes satellite images and aerial photography to provide a same-day installation estimate. As part of the agreement, Lowe’s has taken an equity position in Sungevity.

According to Sungevity, solar lease customers typically achieve immediate savings on their electricity bills. The lease agreement includes monitoring, maintenance, repairs, insurance, and a money-back performance guarantee.

Additionally, Sungevity’s Solar Lease allows customers to go solar without incurring the upfront cost – traditionally the biggest barrier to converting to a solar power system. The company estimates that almost 90 percent of the lifetime cost of a solar system involves payments for panels and installation. The lease comes with no money down and a tolerable monthly rate, with Sungevity designing and installing a customized home solar system.

“I am thrilled about the potential of reaching Lowe’s 15 million weekly customers at their more than 1,750 retail locations, with Sungevity’s services,” said Andrew Birch, Sungevity chief executive officer, in a press announcement. “This partnership marks a major acceleration point in our mission to make solar power easily accessible and affordable to homeowners nationwide.”

The partnership program will be launched in the summer of 2011 featuring interactive Sungevity displays in participating Lowe’s stores. Sungevity currently operates in eight states: Arizona, California, Colorado, Delaware, Maryland, Massachusetts, New Jersey and New York. No schedule has yet been released for when each store will feature the solar lease program.

According to the U.S. Department of Energy, photovoltaic cells convert sunlight directly into electricity and are made of semiconductors such as crystalline silicon or various thin-film materials.

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