Gaurav Naik, Principal – GeoGenix
The solar industry must create a variety of solar financing options for businesses considering solar, especially small- to mid-size firms. For many companies, the up-front costs of solar are prohibitive, and a lack of comprehensive loan and financing options means that they are unable to proceed with solar projects. The solar industry must work toward educating local banks on the benefits and long-term returns on solar to create a more supportive financial environment.
To maintain growth in the residential solar market, the industry will have to inform the general public about the benefits of solar. While companies are well aware of the advantages of solar, most homeowners do not have a good understanding of why solar energy could benefit them – most believe that only the wealthy can afford it. To counter this mentality, the solar industry will have to publicize innovative financing programs, including leasing and community solar options that reduce the upfront cost of installing residential solar.
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