Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Introduction to Solar Financing

9,058 views

Published on

Designed to help commercial systems integrators (dealers, installers, and salespeople) understand and make the financial case for commercial PV systems including specifics for the local/nearby utilities (depending on location), then understand how to finance them with PPAs and Leases.

Published in: Economy & Finance
  • Be the first to comment

Introduction to Solar Financing

  1. 1. Andy Black “Introduction to Solar Financing” Solar Financial Analyst (408) 428 0808x1Solar Living Institute: April 20, 2008, Los Angeles, CA, andy@ongrid.net9am-5pm Contact: Solar Living Institute: www.solarliving.org, 707 744 2017 to register Check-in (15 minutes before listed start time) Introductions Overview of Basic Financing Principals Residential Conventional Financing Break, Q & A, Networking PACE & State Loan Programs ~12:00 Lunch, Q & A, Networking (~30 minutes if possible) Lease Basics and Commercial Leases Break, Q & A PPA Basics and Commercial PPAs Residential Leases & PPAs ~4:30 Formal Conclusion, Break, Q & A We must be out by 5:00 (add’l questions outside)Diligence: Heights by great men reached and kept were not obtained by sudden flight, but they, while their companions slept, were toiling upward in the night. - Henry Wadsworth Longfellow
  2. 2. Andy Black “Introduction to Solar Financing” Solar Financial Analyst (408) 428 0808x1Solar Living Institute: April 20, 2008, Los Angeles, CA, andy@ongrid.net9am-5pm Contact: Solar Living Institute: www.solarliving.org, 707 744 2017 to registerAbstract:This rigorous workshop is designed to help commercial systems integrators (dealers, installers, andsalespeople) understand and make the financial case for PV systems including specifics for how tofinance them with PPAs and Leases.This class includes:! PPAs: Understanding the basics, subtleties, complexities, risks, and opportunities! Leases: Understanding the major types, how and when they are used! A short list of financing, legal, tax, and accounting providers who specialize in solarAll students will receive a copy of the demo version of the OnGrid Tool (licensing agreement will berequired).Biography:Andy Black is a Solar Financial Analyst and the owner of OnGrid Solar. OnGrid Solar providesfinancial analysis and sales education & software to solar installers to help them make a strong salescase for solar electricity to their customers. Andy has more than a dozen years of design, consulting,teaching, sales, and research experience in solar. He specializes in demonstrating the financial paybackof solar electricity systems. He is a former NABCEP certified solar installer.Andy Black is a recent member of the Board of Directors of the American Solar Energy Society andserved as Chapters Representative. He is also a member of the Advisory Board of the NorthernCalifornia Solar Energy Association.Andy’s formal education includes a Bachelor’s in Electrical Engineering from Penn State University, aMaster’s in Electrical Engineering from University of Southern California, and a Marketing Certificateat the University of California. His training in solar electricity includes Solar Energy International’sintensive photovoltaic coursework and more than a dozen specialty courses in solar electric and relatedfields. He presents regularly on the financial analysis of solar electricity to audiences nationwide.Andy is also the groundskeeper and servant for a cat at his home in San Jose, CA.Contact Info: Andy Black, CEO OnGrid Solar 4175 Renaissance Dr #4, San Jose, CA 95134 (408) 428 0808x1 andy@ongrid.net www.ongrid.net
  3. 3. INTRODUCTION TO Introductions & Thanks SOLAR FINANCING !  Solar Power International ‘10 Andy Black !  Solar Electric Power Association Solar Financial Analyst "  Stuart Raper & Julia Hamm & Sales Software Creator !  Yennie Solheim !  Andy Black, OnGrid Solar "  Solar Financial Analyst & OnGrid Tool Creator Solar Power International 2010 !  You for coming! © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 2 Quick Survey - Quick Survey - Who’s Here? !  Existing integrators / dealer / installers Your Goals for Today? "  Managers & Owners !  Learn about economics for general knowledge !  Salesperson for integrator / dealer / installer !  Want to use economics for selling / grow !  New or hopeful integrators / dealers / installers business !  New or hopeful salespeople !  Want to learn about / have the OnGrid Tool !  Government / Utilities !  Customers / consumers / end users !  Want to increase your knowledge to develop !  Manufacturers your own tool !  Others? !  Who’s taken the Residential/Basic Payback Class?© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 3 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 4 Quick Survey - Area(s) of Interest? Instructor Background !  Came to learn specifically about: !  M.S. Electrical Engineering "  Residential Conventional Financing !  SEI graduate "  Residential Lease & PPA Financing !  NABCEP Certified Solar PV Installer Emeritus "  Commercial Lease Financing !  Involved with Solar since 1991 "  Commercial PPA Financing !  Studying, writing, & presenting about Solar "  Use PPAs in selling Financial Issues since 2000 "  Create new PPA offering to market !  Solar Salesperson 2001-2006 !  Other interests? !  Now a Solar Financial Analyst & !  Networking list? Creator of the “OnGrid Tool” solar sales software© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 5 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 6
  4. 4. Handout Resource List Decorum Resources available at www.ongrid.net !  Questions: Please focus on Solar Economics & Payback !  Articles & papers on solar “Payback” !  Good environment: !  Upcoming classes & events "  Cell phones to fun mode "  Sales & Marketing for Solar "  Side conversations: Yes or No? !  Slides from past classes "  Please help each other !  Free demos of the OnGrid Tool !  Site Logistics & Breaks "  Facilities "  Lunch & 2 breaks: Networking© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 7 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 8 Agenda Basic Financing Principals !  Overview of Basic Financing Principals !  Residential Conventional Financing with !  Several ways to finance Unsecured Loans & Home Equity !  Financing enables sales to those who can’t or !  PACE & State Loan Programs won’t buy with their own cash !  Lease Basics & Commercial Leases !  Good customer credit important (lately, critical) !  PPA Basics & Commercial PPAs !  Financing makes sense when the project basic !  Residential Leases & PPAs economics are favorable (good IRR) Questions preferred at points marked: Questions? "  Please focus on Financing & Economics Questions?© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 9 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 10 Ways to Finance Solar Sales Benefits of Financing +Reduced Customer Risk - Benefits Shared with more Parties !  Offering Financing keeps salesperson in control of - Cost to Consumer the sale !  PPA If the customer is out looking for financing, you’ve +More Sales Control "  !  Lease lost control of the sale. "  If you offer it, you can continue to control the sale. !  Loan !  Creates more purchasing options, more chances at a !  Cash close !  Can use to overcome objections !  Bringing the financing keeps you in control !  Gets salesperson closer to decision maker & their (as much as you can in this market!) real thinking© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 11 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 12
  5. 5. Commercial Selling Realities Common Characteristics !  Only 3% of all commercial quotes turn to sale !  Lower interest rate environment helps "  Most quotes are made to private companies #  Can’t make >5 year commitment !  Can improve initial customer cash flow "  Salesperson doesn’t know tax & accounting issues !  Requires good end-customer credit #  Talks w/ building manager, facilities, etc "  Stricter credit environment hurts #  Afraid to talk to CFO, Controller, CEO, Outside Auditor & Banker !  Typically only large public companies can go long (10-12 yrs) - even they hesitate 18-20 years !  Gov’t, Schools, some non-profits have long vision© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 13 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 14 “Good” or “Strong” Credit Risks in Solar Finance !  Three C’s of Credit: "  Credit scores & reports (Dun & Bradstreet) !  Compare to Real Estate "  Collateral "  Capacity or Cash Flow !  Residential: FICO score !  Commercial: "  >5 years in business "  >$50 million revenue "  Positive trends (increasing revenue & profits) #  Hard to find in 2009 & 2010 "  Standard ratios (cash flow, etc)© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 15 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 16 Residential Rates of Return Requires Good IRR !  The basic economics must be attractive !  What about non-profits & gov’t facilities? "  Economics are generally weak – no ITC "  Use 3rd Party Financing (PPAs mostly) "  Need good IRR if analyzed as commercial© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 17 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 18
  6. 6. Residential Rates of Return© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 1 Commercial Rates of Return© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 2
  7. 7. Commercial Rates of Return Commercially Attractive? !  IRR must exceed a hurdle rate "  > “Risk Free Rate” + ~1-2% = Risk Free Rate + Sum of Risks (more later) #  Source: Photon International, Aug 2007, p114 !  “Risk Free” interest rates: "  1 Year LIBOR ~ 0.8% As of September 2010 "  Treasury: 10yr = 2.5%, 30yr = 3.4% As of 10/4/2010 !  ! Commercially Attractive >= 4-6%?© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 19 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 20 Residential Conventional Financing !  Unsecured Loan Addison Avenue FCU: 5.25%, 5 year, $5-50K Residential Conventional "  Real Estate Secured Loan Financing with Unsecured !  "  Lowest interest rates (usually) Loans & Home Equity "  Tax deductible interest "  HUD EEMs - Energy Efficiency Mortgages "  “Home Equity Loans” & “Home Equity Line of Credit” (HELOC) #  E.g. New Resources Bank© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 21 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 22 Cash Flow Cash Flow with Loan !  Residential system offsetting a large !  Compares the savings on the utility bill bill with the cost of financing the system !  8% 20 year loan !  At today’s rates (~5-8%) and including !  Many Systems are rebate benefits, cash flow is often cash positive from positive immediately Year 0 "  Cost of borrowing is less than savings on !  Spike is Inverter electric bill Replacement Cost "  Stabilizes long term utility costs© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 23 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 24
  8. 8. Solar Mortgage Cash Flow Analysis !  Like buying vs. renting, but better !  Calculate net cash required to buy !  House costs more up front "  This is the amount to be financed "  Pays off over time !  Calculate monthly loan payments !  Solar costs less up front "  Based on loan rate, term & amount "  Pays off immediately & over time !  Subtract tax savings if loan interest is tax !  Protects against inflation deductible. This is net monthly loan cost. !  Savings grow over time !  Compare net loan cost to after tax value of net electric bill savings (incl. maintenance)© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 25 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 26 How Much To Borrow? Alt. 3: “Smart Financing” !  Efficient pay-down of principal using tax benefits when !  How much should customer borrow? received (using Line Of Credit - business or home equity) !  Alt. 1: Net Cost after Rebate & Grants? !  Find ‘payment’ amount that pays off evenly over term "  Once ITC is received, have cash sitting around "  Lower payments than amortizing full “after-rebate amount” "  Inefficient & expensive "  Higher payments than only amortizing the net “after-rebate, !  Alt. 2: Net Cost after All Incentives (including tax after-tax-benefits amount” credits, depreciation, PBIs, etc.)? !  No cash out of pocket waiting for ITC "  Requires a bridge loan until tax benefits & PBIs are "  Doesn’t require ‘bridge loan’ received "  Realistic presentation of customer costs "  Optimistically low monthly loan cost !  No excess interest paid on “un-used” money "  Doesn’t weaken sales presentation© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 27 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 28 Commercial Cash Flow Commercial Cash Flow Options ! High Cost Loan: Starting Principal = Net Costs w/ Solar Utility Costs w/!  Typical “Gross - Rebate” with High Cost Loan o Solar Commercial System Loan ! Optimistic* Loan:!  X% Y year loan $25,000 Net Annual Savings Starting Principal = $20,000 “Gross - Rebate - ITC - Depreciation” $15,000 Utility Costs w/ $10,000 o Solar *Customer needs Net Annual Savings $5,000 $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 bridge loan until tax Net Costs w/ Solar savings realized -$5,000 Year with Optimistic Loan -$10,000© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 29 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 30
  9. 9. “Smart Financing” Timeline LOAN: Year:LOAN: Loan Balance Year: . 0 70,182 1 45,816 2 36,723 3 30,165 4 25,045 5 19,515 6 14,996 0 1 2 3 4 5 6Loan Balance Payment (monthly) 70,182 45,816 36,723 30,165 25,045 (356) 19,515 (356) 7 14,996 11,594 8 (356) 7,919 9 3,951 10 (356) 11 (356) (356) (356)Payment (monthly) Interest (portion of payment) Paid (356) (356) (356) (356) (356) (356) (356) (305) (356) (245) (356) (356) (201) (356) (167) (130) (100)Paid Interest (portion of payment) (356) (305) (245) (201) (167) (130) (100) (77) (53) (26)Unpaid Interest (added to Interest (added to loan principal) Unpaid loan principal) (112) (112) Tax Deduction Benefit (monthly)Tax Deduction Benefit (monthly)Net Monthly Loan Cost 205 (150) 134 (222) 107 (248) 88 (267) 73 205 57 (282) (298) 134 44 (312) 34 (322) 10723 (332) 12 (344) 88 73 57 44 Net Monthly Loan CostNet Tax Benefit Received (put towards paying down 25,714 8,493 5,230 3,267 3,267 (150) 1,814 (222) 336 336 (248) 336 336 (267)336 (282) 336 (298) (312)the next years principal) Net Tax Benefit Received (put towards paying downNet Annual Electric Bill before Solar (with tax effects 25,714 8,493 5,230 3,267 3,267 1,814 336& including Lifestylenext years principal) the changes, but not Energy 2,388 2,507 2,632 2,764 2,902 3,047 3,199 3,359 3,527 3,704 3,889 4,083Efficiency) Net Annual Electric Bill before Solar (with tax effectsNew Net Annual Energy Cost (with tax effects,including new& including Lifestyle changes, 755 electric bill, maintenance, inverter but not Energy 800 847 897 9502,388 1,006 2,507 1,065 1,127 2,632 1,193 2,764 1,262 1,336 2,902 1,414 3,047 3,199replacement) Efficiency)Net New Annual Cost (Loan plus New Net Energy 2,560 3,459 3,825 4,105 4,337 4,587 4,805 4,986 5,181 5,391 1,336 1,414Cost) New Net Annual Energy Cost (with tax effects,Cash Flow (annual) (Old less new electric bill, maintenance, inverter including New Net Costs) (172) (952) (1,193) (1,341) (1,435) 755 (1,540) 800 (1,627) (1,605) 847 (1,654) (1,687) 897 2,553 950 2,670 1,006 1,065 replacement)Cash Flow (monthly) (14) (79) (99) (112) (120) (128) (134) (136) (138) (141) 213 222ACCUMULATED LOAN CASH FLOW: (172) (1,124) (2,317) (3,658) (5,094) (6,633) (8,239) (9,865) (11,519) (13,206) (10,653) (7,983) Net New Annual Cost (Loan plus New Net Energy 2,560 3,459 3,825 4,105 4,337 4,587 4,805 Cost) Cash Flow (annual) (Old less New Net Costs) (172) (952) (1,193) (1,341) (1,435) (1,540) (1,605) Cash Flow (monthly) (14) (79) (99) (112) (120) (128) (134) ACCUMULATED LOAN CASH FLOW: . (172) (1,124) (2,317) (3,658) (5,094) (6,633) (8,239) © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 3 “Smart Financing” Timeline LOAN: Year: 0 1 2 3 4 5 6 Loan Balance 70,182 45,816 36,723 30,165 25,045 19,515 14,996 Payment (monthly) (356) (356) (356) (356) (356) (356) (356) Paid Interest (portion of payment) (356) (305) (245) (201) (167) (130) (100) Unpaid Interest (added to loan principal) (112) Tax Deduction Benefit (monthly) 205 134 107 88 73 57 44 Net Monthly Loan Cost (150) (222) (248) (267) (282) (298) (312) Net Tax Benefit Received (put towards paying down 25,714 8,493 5,230 3,267 3,267 1,814 336 the next years principal) Net Annual Electric Bill before Solar (with tax effects & including Lifestyle changes, but not Energy 2,388 2,507 2,632 2,764 2,902 3,047 3,199 Efficiency) New Net Annual Energy Cost (with tax effects, including new electric bill, maintenance, inverter 755 800 847 897 950 1,006 1,065 replacement) Net New Annual Cost (Loan plus New Net Energy 2,560 3,459 3,825 4,105 4,337 4,587 4,805 Cost) Cash Flow (annual) (Old less New Net Costs) (172) (952) (1,193) (1,341) (1,435) (1,540) (1,605) Cash Flow (monthly) (14) (79) (99) (112) (120) (128) (134) ACCUMULATED LOAN CASH FLOW: (172) (1,124) (2,317) (3,658) (5,094) (6,633) (8,239) © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 4
  10. 10. Smart Financed Commercial Cash Flow “Smart Financing” Timeline!  “Smart Financed” LOAN: Year: Loan Timeline New Net Cost: Loan, New Bill, Maintenance, etc. LOAN: Loan Balance Year: . 0 70,182 1 45,816 2 36,723 3 30,165 4 25,045 5 19,515!  No bridge loan Loan Balance Payment (monthly) Payment (monthly) Interest (portion of payment) Paid 0 70,182 (356) 1 45,816 (356) 2 36,723 (356) 3 30,165 (356) 4 25,045 5 (356) 19,515 (356) (356) (356) 6 (356) 7 14,996 11,594 8 (356) 7,919 (305) (356) (245) (356) (356) 9 3,951 10 (356) (201) (356) 11 (356) (167) (356) (130) needed Utility Bill w/o Solar Paid Interest (portion of payment) Unpaid Interest (added to Interest (added to loan principal) Unpaid loan principal) Tax Deduction Benefit (monthly) Tax Deduction Benefit (monthly) (356) (112) 205 (305) 134 (245) 107 (201) 88 (167) (130) (112) 73 205 57 (100) 134 44 (77) 34 107 (53) 23 (26) 12 88 73 57 Net Monthly Loan Cost (150) (222) (248) (267) (282) (298) (312) (322) (332) (344)!  Not optimistic - Net Monthly Loan Cost Net Tax Benefit Received (put towards paying down the next years principal) 25,714 Net Tax Benefit Received (put towards paying down Net Annual Electric Bill before Solar (with tax effects 8,493 5,230 3,267 3,267 (150) 25,714 1,814 (222) 336 8,493 336 (248) 336 5,230 336 (267) 3,267 336 (282) 336 3,267 (298) 1,814 fair to the & including Lifestylenext years principal) Efficiency) the changes, but not Energy 2,388 Net Annual Electric Bill before Solar (with tax effects 2,507 2,632 2,764 2,902 3,047 3,199 3,359 3,527 3,704 3,889 4,083 customer New Net Annual Energy Cost (with tax effects, & including Lifestyle changes, 755 not Energy but including new electric bill, maintenance, inverter800 847 897 2,388 950 1,006 2,507 1,065 1,127 2,632 1,193 2,764 1,262 1,336 2,902 1,414 3,047 replacement) Efficiency) Net New Annual Cost (Loan plus New Net Energy Assumes customer 2,560 3,459 3,825 4,105 4,337 4,587 4,805 4,986 5,181 5,391 1,336 1,414 Cost)!  New Net Annual Energy Cost (with tax effects, including new electric bill, maintenance, inverter 755 800 (1,627) 847 897 950 1,006 will be efficient w/ Cash Flow (annual) (Old less New Net Costs) (172) (952) (1,193) (1,341) (1,435) (1,540) (1,605) (1,654) (1,687) 2,553 2,670 replacement) Cash Flow (monthly) (14) (79) (99) (112) (120) (128) (134) (136) (138) (141) 213 222 tax benefits ACCUMULATED LOAN CASH FLOW: (172) (1,124) (2,317) (3,658) (5,094) (6,633) (8,239) (9,865) (11,519) (13,206) (10,653) (7,983) Net New Annual Cost (Loan plus New Net Energy 2,560 3,459 3,825 4,105 4,337 4,587 Cost)!  Interest Tax Cash Flow (annual) (Old less New Net Costs) (172) (952) (1,193) (1,341) (1,435) (1,540) Benefit Drops so Cash Flow (monthly) (14) (79) (99) (112) (120) (128) Net Cost Rises Net Annual Savings / Cost ACCUMULATED LOAN CASH FLOW: . (172) (1,124) (2,317) (3,658) (5,094) (6,633)© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 31 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 32 Commercial “Smart Financing” Timeline Cash Flow LOAN: Year: 0 1 2 3 4 5 6 7 8 9 10 11 Loan Balance 70,182 45,816 36,723 30,165 25,045 19,515 14,996 11,594 7,919 3,951 Payment (monthly) (356) (356) (356) (356) (356) (356) (356) (356) (356) (356) Paid Interest (portion of payment) (356) (305) (245) (201) (167) (130) (100) (77) (53) (26) Unpaid Interest (added to loan principal) (112) Tax Deduction Benefit (monthly) 205 134 107 88 73 57 44 34 23 12 Net Monthly Loan Cost (150) (222) (248) (267) (282) (298) (312) (322) (332) (344) Net Tax Benefit Received (put towards paying down 25,714 8,493 5,230 3,267 3,267 1,814 336 336 336 336 336 336 the next years principal) Net Annual Electric Bill before Solar (with tax effects & including Lifestyle changes, but not Energy 2,388 2,507 2,632 2,764 2,902 3,047 3,199 3,359 3,527 3,704 3,889 4,083 Efficiency) New Net Annual Energy Cost (with tax effects, including new electric bill, maintenance, inverter 755 800 847 897 950 1,006 1,065 1,127 1,193 1,262 1,336 1,414 replacement) Net New Annual Cost (Loan plus New Net Energy 2,560 3,459 3,825 4,105 4,337 4,587 4,805 4,986 5,181 5,391 1,336 1,414 Cost) Cash Flow (annual) (Old less New Net Costs) (172) (952) (1,193) (1,341) (1,435) (1,540) (1,605) (1,627) (1,654) (1,687) 2,553 2,670 Cash Flow (monthly) (14) (79) (99) (112) (120) (128) (134) (136) (138) (141) 213 222 ACCUMULATED LOAN CASH FLOW: (172) (1,124) (2,317) (3,658) (5,094) (6,633) (8,239) (9,865) (11,519) (13,206) (10,653) (7,983)© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 33 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 34 Smart Financed Residential Residential Cash Flow Utility Bill w/o Solar Cash Flow !  4 kW New Net Cost: Loan, New Bill, Maintenance, etc. residential system !  8% 20 year “Smart Financed” Loan Net Annual Savings / Cost !  No bridge loan needed© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 35 © 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 36 Examples
  11. 11. Commercial Cash Flow© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 5 Residential Cash Flow© 2010 OnGrid Solar, All rights reserved. Intro to Solar Financing - 6

×