Adam Capital Clean Energy Asset Finance, a provider of clean energy lending, said it is expanding its financing programs to include commercial-scale solar hot water systems. The new program will allow high-volume hot water users such as government facilities, farms, agriculture and food processing facilities, laundromats, hotels, restaurants, health clubs, apartment buildings, carwashes and others to finance solar hot water for no money down.
Adam Capital said there is a critical funding gap in the clean energy financing market. Although utilities, states and the federal government have committed hundreds of millions of dollars to incentivize business and government to adopt this important technology, the money is not available until after the project is completed. Therefore, Adam Capital’s financing is essential to install the system, the company said.
“We’re excited to create US jobs and save US business and government significant money in these difficult times. On top of that, solar hot water is good for the planet,” said Adam Boucher, CEO and founder of Adam Capital.
Unlike solar thermal systems that have proven to be too expensive and too complex, solar hot water systems use the energy of the sun to heat water, a process nearly twice as efficient as photovoltaics, the company said.
“Building on our experience financing PV and other technologies, we’re strengthening our position in the market by financing commercial solar hot water – an overlooked market sector with rich incentives in California and Arizona,” says Larry Farris, senior loan operations for Adam Capital. “As part of this team I wake up knowing I’m creating jobs, improving the environment, and helping business and government deal with rising energy costs.”
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