Groundswell Unveils Community Solar Financing Model

Joanna Schroeder

Groundswell is changing the way community solar energy is financed. Working with Sustainable Capital Advisors, consumer credit scores will no longer be factored in the financing process, removing an obstacle for consumers across the country. In addition, the program will help the two companies fulfill promises made at the White House Summit last November to create five demonstration projects over the next 18 months as well as launch $25 million of private capital aimed at financing community solar projects located in low and moderate income communities.

“Nearly 50% of Americans aren’t able to switch to solar because they don’t own their roof, don’t have a roof in the right location, or are struggling financially and can’t qualify for financing even if it could help lower their energy bill,” said Michelle Moore, CEO of Groundswell. “We’re grateful to work with Sustainable Capital Advisors to pioneer a program that will work for all families by bringing community organizing together with community solar project finance.”

CommunitySolarCommunity solar programs are designed to help consumers collectively tap into the power of the sun. This model allows families and small businesses the ability to purchase subscriptions to a central solar array located within their utility territory – making it possible to switch to solar without having to install solar panels on the roof. Community solar can also create more distributed generating capacity for America that promotes greater reliability, resiliency, and sustainability across the grid.

Sustainable Capital Advisors Founder and CEO Trenton Allen added that the company works to create innovative financing solutions for sustainable infrastructure that broadens the pool of participants while being replicable and scalable. “We’re committed to working with Groundswell to create economic opportunities in clean energy for low and moderate income communities that haven’t been able to participate before.”

According to a press release, while solar power adoption grows across the country, affordable clean energy remains out of reach for more than 90 million Americans including families that rent their homes and people with credit scores under 650. Overall, the National Renewable Energy Lab estimates that 49 percent. of households and businesses can’t access rooftop solar. Community solar is an emerging solution, and is currently a modest but growing part of America’s energy mix. In total, fewer than 150 projects have been implemented across the United States, including more than 40 located in Colorado alone. However, the market is projected to grow rapidly over the next five years. The hope is that this new financing program will enable more consumers to join the solar revolution.

Clean Energy, Solar