Residential solar company Sunnova Energy International on Thursday said the U.S. government would provide a partial loan guarantee of up to $3 billion to back financing for its rooftop solar systems.
on Thursday said the U.S. government would provide a partial loan guarantee of up to $3 billion to back financing for its rooftop solar systems.By lowering the cost of solar financing for up to 115,000 homeowners, the Department of Energy investment seeks to expand access to clean energy to new customers and boost grid resiliency as the U.S. seeks to decarbonize its power sector by 2035.
Sunnova's DOE loan guarantee is aligned with the Biden administration's effort to funnel clean energy investment dollars to disadvantaged communities. The company seeks to provide at least 20% of the loans to customers with credit scores of 680 or less. While still considered "good" credit, that level often demands less favorable terms from lenders.
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