Last week Vivint Solar announced that it was entering one of the US’s richest states for solar power, Florida. It becomes one of the first large, multi-state rooftop solar third-party ownership companies to enter into the market with zero-down solar financing options.
"We now have more than 80,000 customers nationwide who are enjoying the financial and environmental benefits of our systems, and we are thrilled to be making that available to the residents of Florida," said David Bywater, interim CEO of Vivint Solar. "Floridians will now be able to enjoy the clean solar power their homes are able to generate, which can save them money and reduce impact on the environment."
Florida hasn’t been the most friendly to distributed solar power like home solar power but that may be changing. This year two amendment proposals are on the Florida ballot that could encourage more residential solar power.
Thus far, however, other multi-state companies that offer zero-down solar installations, companies like Sunrun, SolarCity and Sungevity, have stayed out of the Florida market. That’s largely because Florida does not currently allow power-purchase agreements for homes.
Still, it represents a huge market. Vivint observed that the US Energy Information Administration found that Florida has the residential energy usage in the US, with electricity consumption approximately 30 percent higher than in most other states.
Vivint Solar will launch its first office in the state in the Tampa Bay area. It has hired approximately 40 employees in Florida already and will add more jobs as it expands to new areas in the state.
Under the offering customers will own the system, according to Vivint, which will allow them to use the 30 percent federal investment tax credit to lower the cost of their monthly payment. A such the offering is likely a lease as opposed to a power-purchase agreement. The company also recently partnered with Renovate America to offer PACE (property assessed clean energy) financing to home owners.
With the addition of Florida Vivint Solar is now in 13 states including: Arizona, California, Connecticut, Florida, Hawaii, Maryland, Nevada, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, and Utah.Tweet