Solar Financing Q & A

Is there any upfront cost?

No, the Capital Lease requires no money down.

Are there any costs involved?

Yes, there is a $1,000 administration fee, paid after the lease is funded

Is there a minimum and maximum amount you can fund?

Yes, minimum is $200k and maximum is $2 Million.

Are there any limits to the size of the system?

Please see the minimum and maximum funds above. This generally translates to a 100 kW - 1MW DC system.

What is the interest rate?

7.5%

What is the duration of the lease?

Up to 10 years

What is the buyout at the end of the lease?

The buyout is $1.00.

Can the lease be made to an individual?

No, the lessee must be a corporate entity.

What if the Lessee can’t take the tax benefits?

Our capital lease product requires that the Lessee be able to take the tax benefits and monetize any other incentives.  

Are there any ownership restrictions?

The Lessee must own the system and property or have a long term (10 year +) lease for the building and property.

How long will the application process take?

There are a few stages of the application. Please see the Borrower tab for an illustrative chart. Once we have received all information from the Lessee, the application can be approved in as little as 10 days.

Is construction finance part of the lease?

No, but construction finance is available if required.   Please ask us about it. 

When will I get the money?

If you are applying for construction finance, the Lessee will receive the money once certain construction milestones are reached. If you do not need construction finance, the Lessee will receive the funds once the system is built and final paperwork is provided.

Can I payoff the lease early?

Yes. There is a fee to payoff the lease early. The details can be seen in your indicative quote.

Can the proceeds of the ITC be used to make a partial prepayment on the lease without a fee?

Yes, within the first 18 months.

If you have any other questions, please call the Open Energy team at 917-410-7282.  We’re here to help.