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.
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