The solar energy industry is undergoing a transformative phase with The Awareness Group (TAG) introducing innovative financing solutions designed to broaden access to solar power for American households. TAG's Non-FICO Driven Residential Lease program, launched in July, has already made significant strides by eliminating the traditional credit score requirement, a move that has enabled the signing of 475 solar projects totaling $36.9 million in contract value. This initiative is particularly impactful as it opens up solar energy to a segment of the population previously excluded due to credit constraints.
From July to September, TAG secured 201 projects, a number that surged to 274 in just October and November, highlighting the program's rapid adoption. The financial implications are substantial, with $28.8 million in interest-bearing TAG-owned notes and $13.6 million in investment tax credits generated, both of which contribute to the company's cash flow. Pablo Diaz, CEO and founder of TAG, underscores the significance of this approach, stating it's a game-changer for the solar industry, with the expanding TAG GRID member network further evidencing the program's success.
Complementing the lease program, TAG's introduction of a 30-year loan option in 26 states, devoid of dealer fees, aims to reduce project costs by up to 40%, making solar installations more attainable for a wider audience. This strategic move is timely, aligning with the Solar Energy Industries Association's projection of a 10% annual growth rate in the U.S. residential solar market from 2025 to 2028. By 2030, the expectation is for 10 million residential solar systems in the U.S., a significant increase from current numbers.
TAG's efforts are particularly crucial in addressing the disparity in solar adoption among low and moderate-income households, which constitute 43% of U.S. households but only 15% of solar adopters. By removing credit score barriers and offering flexible financing, TAG is not only expanding its market reach but also playing a pivotal role in the nation's shift towards renewable energy. Additionally, TAG's partnership with Apollo Solar and Battery marks its foray into the commercial solar sector, further solidifying its position in the solar energy landscape.
For more information on TAG's initiatives, visit https://www.theawarenessgroup.com. The company's innovative financing solutions are setting a new standard in the solar industry, making renewable energy more accessible and affordable for Americans across the socioeconomic spectrum.
