LEHI, Utah, Aug. 16, 2016 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading provider of residential solar, today announced that it is has made solar energy system purchases and financing available to homeowners in three of its existing states -- Connecticut, Maryland and South Carolina.
"We are excited to expand solar energy system purchases and financing options to three more of our existing states," said Chance Allred, Senior Vice President of Sales at Vivint Solar. "Purchasing a solar energy system, with cash or through financing, provides an attractive alternative to power purchase agreements (PPAs) for customers who want to own their solar energy system, and the continued growth in demand has lead us to provide opportunities for more homeowners to go solar."
Through Vivint Solar's financing relationships, a customer can finance ownership of a residential solar energy system with no money down. The resulting low monthly financing payments are comparable to a customer's prior utility payments, but build equity in the customer's solar energy system. After the financing is repaid, the homeowner pays nothing more for the power produced by the system. Homeowners who choose to purchase a system may also qualify to receive a federal tax credit, along with any state and local incentives for which they may be eligible.
This third-party financing product was previously only available to Vivint Solar customers in Arizona and Utah, while in California, Vivint Solar offers PACE as an alternative. Vivint Solar is selling systems directly to homeowners, utilizing the loan and PACE products provided through its financial relationships, in the six aforementioned states and plans to expand to most of Vivint Solar's markets by the end of September.
About Vivint Solar
Vivint Solar is a leading provider of distributed solar energy – electricity generated by a solar energy system installed at a customer's location – to residential customers in the United States. Vivint Solar's customers pay little to no money upfront, receive significant savings relative to utility generated electricity and continue to benefit from contracted energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems for its customers. For more information, visit www.vivintsolar.com or call 1-877-404-4129. Follow Vivint Solar on LinkedIn or on Twitter using @VivintSolar.
Vice President of Investor Relations
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SOURCE Vivint Solar