who purchase the system can
earn a bill credit of about $32
Financing Expanding Beyond
Solar to Include Storage
The options for fnancing storage in the U.S. are growing.
Solar loan provider Mosaic, for example, offers U.S.
homeowners loans for storage
systems and last November
secured $550 million of new
loan funding capacity.
Homeowners also can
access loans from stor-
age providers. Adara Power
in March said it now offers
unsecured fnancing for its
residential energy storage
systems up to $64,000 with
terms up to 12 years. The
company also said that it
offers commercial business-
es leases for facility upgrades
on a term of up to seven years for between $20,000 and $1 mil-
lion. Large commercial installation loans are available through
Adara, with terms up to 10 years for up to $5 million.
Adara said that it now qualifes for property assessed clean
energy (PACE) fnancing through Renovate America’s HERO
PACE fnancing has increased in popularity based on its support for energy effciency and renewable energy upgrades that
are fnanced through local property taxes, and it also can be
applied to energy storage systems.
PACE in the U.S. currently is available for residential properties only in California, Missouri, and Florida, but commercial
PACE has been much more successful. Programs for commercial properties now are operating in 19 states, according to PACE
advocacy group PACENation.
“Residential PACE has been challenged because when a prop-
erty ends up in foreclosure and is sold, outstanding property
taxes and assessments that were unpaid, come off the top — gov-
ernment always gets paid frst,” PACENation Executive Direc-
tor David Gabrielson said. “So, the mortgage lenders, particular-
ly Fannie Mae and Freddie Mac, they looked at PACE as a threat.
They agreed that it is legal, but they feel that it is an invalid use
of this taxing power, and they have been very resistant.”
That resistance, he added, has limited the availability of PACE
for residential projects.