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Interested in a Buyout Option?
As many of you have either asked for or expressed an interest in a buyout option at the end of the lease, we have decided to give this topic a higher priority. We would like to actually make it part of the standard lease offer from day 1. In order to help freEner-g with this initiative, we would like you to use the link below so we can quantify interest with this simple poll:
Please click here to take the poll (Y/N).
Feel free to e-mail us any additional comments you may have. |
freEner-g and the Financial Crisis
With all the news on the topic of the financial crisis, we have been asked questions about how this affects the freEner-g pilot project. As most of you know, the pilot project requires both the Xcel Energy grant and additional project financing, which is raised in the so-called tax equity markets. These markets have been negatively impacted, just like all other financial markets. However, tax equity investment remains active for solar due to the recent 8 year extension of the Investment Tax Credit (ITC). Overall, we are confident that our financing will be in place in the next 90 days and the project will remain on track.
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Requesting Credit Reports
One adjustment that we will have to make as we negotiate the above-mentioned financing is to request credit reports from all qualified solar sites. Effective immediately, as part of every Site Assessment (and retroactively for those that have been completed), freEner-g will request credit reports from homeowners with their permission. Both solar and credit qualification of every solar site will be critical in our ability to close project financing for the pilot project. Thank you in advance for your continued help to make solar leasing a reality in Minnesota - this new step in the process also helps our cause!
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Progress Update on the Pilot Project
FreEner-g continues to schedule Site Assessments for the pre-qualified sites as soon as each household submits their insurance, electrical bills and energy audit reports (and association documents if necessary). We have completed a total of eleven On-Site Assessments and of those eleven, nine sites have been qualified for a solar installation. As stated before, we will continue site assessments and request credit reports in parallel to negotiating the required project financing. All these initiatives will come together by spring time, when we most likely will start installations. Our collective patience will be rewarded!
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