Canadian Solar Inc. (CSIQ), North America’s biggest solar manufacturer, is offering a financing program for U.S. homeowners to build rooftop power plants with its panels, an alternative to leasing companies like SolarCity Corp. (SCTY)
Customers may borrow as much as $40,000 for residential projects, the Guelph, Ontario-based solar company said today in a statement. The financing is provided by Boston-based Admirals Bank.
The financing lets homeowners qualify for U.S. tax credits and incentives offered to system owners, according to Canadian Solar Chief Executive Officer Shawn Qu. That’s one of the advantages of owning rooftop power plants instead of leasing them from companies like SolarCity and Sunrun Inc., a model that’s surging in surging in popularity because of its low upfront costs.
“We believe there is a great opportunity to leverage our scale to help customers in the U.S. residential market to more easily gain access to necessary financing at attractive rates,” Qu said in the statement.
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