July 24, 2014
HOUSTON, TX — Homeowners with good credit are eligible for a new offer by two private companies to convert their home to solar power, with no money down.
Micronesia Renewable Energy Inc. and Sunnova yesterday announced the availability of their solar service agreement, which would require the homeowner to pay a flat monthly fee for the solar equipment for 25 years. The fee covers service and maintenance.
“Before, the cost of installing solar energy panels was $20,000 to $50,000. With this, the community of Guam can experience solar energy and reduce energy bills for no cash layout,” said Micronesia Renewable Energy Vice President Jeff Voacolo.
The Guam Power Authority has expressed concerns about residents who use private solar energy systems, saying it will raise the cost for power agency customers who cannot afford the switch.
“When some ratepayers are allowed to avoid this cost, the price to other ratepayers would have to increase to cover the fixed cost,” GPA General Manager Joaquin Flores said late last year in a letter to lawmakers.
The power agency has proposed its own program, in which it will lease space on suitable privately owned buildings to install solar systems that will benefit the entire power grid.
Voacolo said residents start saving on Day One of the company’s program. He also said the addition of solar energy to homes can increase the property value of the home. With the program, homeowners carry no debt over the 25 years, and there are no upkeep requirements on the system. The overall process is relatively quick and can be completed within three days of the site visit completed by Micronesia Renewable Energy Inc.
“We want to help the residents of Guam. We believe in this industry,” Voacolo said.
Voacolo said the offer is open to all residents, as long as they are listed on the deed of their home and have a credit score of 650 or higher.