Residential Leasing Program Now Available to ReneSola Customers
ReneSola Modules Receive Approved-Vendor Listing
SAN FRANCISCO, March 11, 2013
SAN FRANCISCO, March 11, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the
"Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic
("PV") modules and wafers, announced today that its installer and EPC
customers may now offer leases to qualified residential customers without
requiring a down payment. Sunnova launched its leasing program in late 2012
and selected ReneSola as one of its approved vendors, based on the Company's
superior quality line of high-efficiency solar PV modules.
"Given the volatility of the solar PV industry, we are always very careful
when selecting our dealers and suppliers," said Jordan Fruge, Sunnova's senior
vice president of sales and marketing. "ReneSola has proven to be an asset not
only to our portfolio, but also to the entire industry. We recognize that
ReneSola, like Sunnova, is in this business for the long haul. We are excited
to bring our leasing product to homeowners in California and Arizona, with
more states to be added soon. This provides an affordable option for
homeowners to make the switch to solar with ReneSola modules."
Sunnova's residential solar lease is available to homeowners with a number of
payment options. Down payments range from zero to $5,000, and monthly lease
payments can be structured over 25 years. Moreover, Sunnova's lease is not
subject to variable solar investment tax credits or to the U.S. Treasury
Department's 1603 Program, which is expected to shield the program from price
fluctuations. Homeowners may qualify with a credit score of 650, which offers
an entry level below that of a number of competing programs. The Sunnova lease
program, it is hoped, will revolutionize the residential solar space, which is
why ReneSola proceeded with the approval process.
"There is a tremendous need in the residential solar space for this type of
program and we've been planning for this type of opportunity since we first
entered the U.S. market," said ReneSola's CEO, Mr. Xianshou Li. "Working with
Sunnova will open up a new market of residential solar projects with flexible
payment terms and an easier qualification process. With the efficiency of our
modules and the benefits of Sunnova's lease programs, homeowners will see
higher system lifetime savings and greater annual production at a very
competitive price per kilowatt hour. This partnership will be instrumental in
helping homeowners hedge against rising utility rates."
Founded in 2005, ReneSola (NYSE:SOL) is a leading global manufacturer of
high-efficiency solar PV modules and wafers. Leveraging its proprietary
technologies, economies of scale and technical expertise, ReneSola uses
in-house virgin polysilicon and a vertically integrated business model to
provide customers with high-quality, cost-competitive products. ReneSola solar
modules have scored top PVUSA Test Conditions (PTC) ratings with high annual
kilowatt-hour output, according to the California Energy Commission (CEC).
ReneSola solar PV modules can be found in projects ranging in size from a few
kilowatts to multi-megawatts in markets around the world, including the United
States, Germany, Italy, Belgium, China, Greece, Spain and Australia. For more
information, please visit www.ReneSola.com.
Sunnova is a leading residential solar financing provider with a management
team that has financed solar for more than 3,000 homes and 22 MW of
residential solar throughout the United States. With a thorough understanding
of the market and deep industry experience, Sunnova is focused on making solar
a simple and affordable option for homeowners.Sunnova believes that solar is
an integral part of our country's energy supply. We believe electricity prices
will continue to increase over time, and we believe solar should be an
affordable, straightforward alternative to your electric provider that can
help you lock in your electricity rates for years to come. When you lease a
system from Sunnova, you make a monthly payment for your power, just like your
electric bill. Plus you have the peace of mind that comes with complete
coverage, including system monitoring, maintenance, and warranty. Worry free
solar power. Homeowners will have the power to choose either a solar lease or
power purchase agreement.For more information, please visit www.Sunnova.com.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act of 1995.
Whenever you read a statement that is not simply a statement of historical
fact (such as when the Company describes what it "believes," "expects" or
"anticipates" will occur, what "will" or "could" happen, and other similar
statements), you must remember that the Company's expectations may not be
correct, even though it believes that they are reasonable. The Company does
not guarantee that the forward-looking statements will happen as described or
that they will happen at all. Further information regarding risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements is included in the Company's filings with
the U.S. Securities and Exchange Commission, including the Company's annual
report on Form 20-F. The Company undertakes no obligation, beyond that
required by law, to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even though the
Company's situation may change in the future.
For investor and media inquiries, please contact:
Mr. Tony Hung
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Brian Armentrout
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd.
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