Vivint Adds Solar Energy Regeneration to List of Home Solutions
In addition to the home security and home automation solutions provided by Vivint, they launched a new solar energy service which has received a $75 Million renewable energy funding. Vivint Solar, the recently launch subsidiary will focus on providing affordable residential solar energy solutions across the U.S and its territories. The fund was made possible by U.S. Bancorp and will allow Vivint to make up to 2,400 solar system installations.
Vivint Solar will design, install and maintains the solar panels (solar PV) and as part of the agreement homeowners will sign a 20 years contract, which is the estimated life expectancy of the system.
As part of the power purchase agreement (PPA) model customer will be locked in for the 20 years period, paying an agreed monthly rate. Customers will “purchase the power generated by the solar panels for a lower rate than they typically pay their utility” supplier, said Vivint.
Starting with New Jersey, New York, Utah and Hawaii, Vivint is partnering with Mounting system supplier Zep Solar and microinverter provider Emphase Energy to offer a complete service.