New Jersey company announces first no-credit-check solar power purchase agreement
US Solargy, a New Jersey solar power installer and operator, announced that it will offer power purchase agreements to consumers with no credit check required.
"We all want to save the environment," said US Solargy CEO David Wei, "and our company provides a way for everyone to participate in that important goal."
The company, which operates only in New Jersey at present, installs and operates solar power arrays on homes. Homeowners are responsible for one-third of the installation costs of solar arrays - which US Solargy estimates at $2.95 per watt - and buy back the power generated by the solar panels for 5 cents per kilowatt. That is far cheaper than the 22 cents per kilowatt that Garden State residents pay on average.
US Solargy also guarantees that electricity prices will not increase by more than 3.5 percent per year, significantly less than the 6.5 percent average annual increase for conventional electricity. In total, the company says, a homeowner's electric bill should see a 75 percent decrease.
"The costs to harness [solar] have prohibited many from making the socially-responsible decision to go solar," Wei said. But the company's new PPA provides solar power "without maintenance costs or large capital investment," making it affordable to more New Jerseyites.
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