Sunny money available - Austin Business Journal
Friday, December 25, 2009
Sunny money available
Austin Business Journal - by Christopher Calnan ABJ Staff
A new Austin company is providing installers with the capital they need to buy solar panels.
Solar Capital Group LLC, which launched in September, is fronting installers the money required to complete projects in exchange for governmental rebates as collateral combined with a transaction fee.
Solar Capital buys solar panels directly from manufacturers, reducing the up-front investment for projects that typically run between $25,000 and $40,000 per house, President Jim Young said.
Austin Energy is scaling back its solar rebate program and reducing rebates from $3.75 per installed watt to $2.50 per watt. Yet, Young isn’t anticipating any decline in business.
Solar Capital plans to fund 10 projects by the end of the year and 25-30 projects during the first quarter of 2010, Young said.
Read more: Sunny money available - Austin Business Journal
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