Enphase Energy partners with Technology Credit Corporation to offer financing packages for installers and commercial customers. Thanks to an innovative financing approach, the companies are especially well aligned to serve nonprofits, which have traditionally struggled to go solar.
With Enphase Energy (NASDAQ: ENPH) getting ready to release its Q2 earnings results, it should come as a welcome surprise to investors that it has partnered with Technology Credit Corporation (TCC), a privately held financial products and services firm. They will be working together to offer financing packages for installer-integrators and customers in the small to medium commercial solar market.
TCC has more than 300 commercial PV systems under finance, making it one of the largest providers of small commercial financing in the United States. The firm’s innovative financing approach, which incorporates leases as well as power purchase agreements that work to fast-track customer ownership of the system, has been especially successful among nonprofit customers, which have been traditionally underserved in the solar market.
“As a company that is rapidly growing its commercial solar business, Enphase actively seeks out financing partners that can help expedite the deployment of PV systems,” said Jeff Loebbaka, senior vice president of worldwide sales, marketing, and customer support at Enphase. “Financing programs for the small to medium commercial market are especially challenging and traditionally underserved. TCC’s expertise in providing attractively priced, creatively structured financial packages to commercial installers and customers helps fill a gap in the market.”
“Enphase has an excellent reputation for superior quality solar systems and a progressive channel strategy,” said Mark Schmidt, vice president of business development at TCC. “This partnership will allow integrators to get previously hard-to-finance commercial projects funded and completed. We have already started financing solar systems with Enphase and look forward to expanding this portfolio.”
One recent success story from the new partnership comes from Hawaii, where there is vast support for solar. The nonprofit health organization Mental Health Kokua, which has facilities throughout Hawaii, has just recently become a happy solar owner. Local contractor Dugied Construction reviewed proposals from several finance companies before agreeing to work with TCC because of the firm’s customer-centered business policies.
“By combining TCC’s specially tailored financing with the Enphase microinverter-based system, we were able to install 270 KW of PV arrays on 28 of Mental Health Kokua’s properties on four islands,” said Chantal Lonergan, president of Dugied Construction. “Many of the buildings had unique rooflines and challenging neighboring site shading issues, so by using Enphase and the different azimuth and roof pitches, we maximized the highest output for the systems throughout the year. Ultimately, the flexibility of the program with Enphase and TCC allowed us to bring a cash-positive solution to an important nonprofit organization in our community.”