Third party solar is behind $1 billion in growth for California
Also called solar power service, third-party-owned solar means a provider owns, maintains and insures solar panels on a homeowner's roof
San Francisco, August 23, 2012 — Third-party-owned solar has delivered over $1 billion to the California economy since it became a homeowner choice in 2007. This number was determined by totaling the contract value for each third-party-owned solar installation in the state.
Also called solar power service, third-party-owned solar means a provider owns, maintains and insures solar panels on a homeowner's roof. Homeowners switch to solar without the high upfront costs, avoid the hassle of ownership, and save money on electricity bills.
The number of Californians who have chosen solar power service over cash purchase so far in 2012 is 30 times the total number for 2007. This equates to a 3,332 percent increase.
The $1 billion infusion from this increase went directly to California local businesses and communities while helping homeowners of all income levels switch to solar.
"About 75 percent of Californians switching to solar now choose solar power service," said Sunrun President and co-Founder Lynn Jurich. "Most of these families wouldn't go solar if they didn't have this option as a smart financial choice. We've eliminated the upfront cost and hassle."
According to the CSI, since 2007 the fastest growing segment of the California population deciding to go solar has been the 50k-75k household income range. The number of projects in middle-income markets (i.e., areas with median incomes between $50,000 and $100,000) has increased by 445 percent since 2007.
"Because third-party-owned solar companies like Sunrun lower the barrier to entry, more people can access solar," said Stephen Torres, founder and managing director of PV Solar Report. "That's more Americans who save money on their electric bills while helping create local jobs, and more money flowing to state and local economies."