Clean Power Finance, Morgan Stanley unit MS Solar Solutions Corp and Main Street Power Co. have announced the creation of MySolar, which is a residential solar lease facility that will offer funding for up to $300 million in projects.
This, sources said, can potentially lead to the securitization of these receivables.
Zions Energy Link, part of Zions Bancorp, is the first member of a syndicate of debt providers to the MySolar residential solar lease facility.
Clean Power is the online marketplace for residential solar financing and provider of solar sales software while MS Solar is a wholly-owned subsidiary of Morgan Stanley. Main Street Power is a North American solar developer and power purchase agreement (PPA) provider.
Clean Power Finance will make the MySolar lease available to homeowners through qualified solar professionals using CPF Tools, which is a U.S. solar sales software platform. The MySolar lease will first be available in the states of Arizona and California.
MySolar is the third solar finance facility available to Clean Power Finance’s national network and brings the total amount of project financing under Clean Power Finance management to roughly half a billion dollars.
This type of financing drives residential solar adoption today since close to a third of U.S. homeowners can save money with solar financed by a lease or PPA structure.
Clean Power Finance entered the residential solar financing market in California in April last year. Since then, it has made different finance products — both leases and PPAs — available to solar professionals in Arizona, Colorado, New Jersey and Massachusetts. It has also facilitated over $1 million in residential solar project financing per day.