Fund Models No-Upfront Energy Efficiency Financing After Solar
Brightergy’s newly-closed fund – BrighterSavings – will provide no-upfront cost financing to energy efficiency projects.
With full underwriting discretion, Brightergy plans to finance a wide variety of efficiency projects with public and private schools, municipalities, commercial businesses and non-profits.
Brightergy owns the energy-efficiency projects they install, leasing to the building owner who either pays fixed monthly payments or a percentage of the energy savings. A typical BrighterSavings lease term is 5 years.
BrighterSavings covers a wide variety of energy efficiency technologies, including high efficiency lighting. All financing for the project is first-party through Brightergy; there is no third party approval process.
One of the company’s first clients to utilize this fund is John Knox Village, a continuing care retirement community in Lee’s Summit, Mo. Previously, John Knox Village installed 146 kW of solar with Brightergy through Brightergy’s no-upfront cost solar financing. Now, the retirement community will upgrade lighting at 15 of its existing buildings and add LED’s to a 56,000-sq-foot new building.
Brightergy has built its business to date primarily through the financing, development and installation of more than 1,000 commercial rooftop solar PV projects.
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