SolSource Solutions and TriBeam Financial have announced the launch of Propel, a financing product for residential solar and storage. The platform integrates third-party ownership (TPO) structures with a point-of-sale lending system to finance advance payments in the energy agreement.
The product uses a prepaid power purchase agreement or leasing model. Homeowners pay the total contract value at the beginning of the term, often with a loan arranged via the TriBeam platform. The structure offers a fixed monthly payment and eliminates the annual pricing tiers common to traditional solar leases.
Under the contract, homeowners can also exercise an option to purchase the solar and battery system beginning in the sixth year of operation.
The program includes a strategic hardware partnership with Enphase Energy. Enphase will act as the exclusive supplier for microinverters and battery systems. The use of Enphase hardware allows the projects to meet domestic content requirements under the Inflation Reduction Act, allowing for a 10% increase in the investment tax credit.
Enphase also provides operation and maintenance through the Enphase Care service, while design and proposals are handled through the Solargraf tool. Greentech Renewables will manage national distribution and logistics for installers using the Propel platform.
TriBeam Financial provides the technology layer for the product through Concert Finance. The system is designed to connect sales channels directly to capital providers to reduce overhead costs and eliminate hidden costs in the credit process.
To lead its national expansion, SolSource named Chris Couture CEO. Couture previously served as vice president and head of customer finance at Enphase Energy and held leadership positions at SunPower Corp.
The company is supported by Hudson Sustainable Group. Hudson has managed more than $13 billion of capital in renewable energy assets since 2007.
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