Recently The Gemstone Group published the following press release:
Wayne, Pa. (Aug. 11, 2008) – The Gemstone Group is proud to announce the formation and launch of the Connecticut Solar Leasing Program. This nearly $50 million solar leasing program in the State of Connecticut was formed in collaboration with the Connecticut Clean Energy Fund, AFC First Financial Corp. and US Bancorp. This is the first program of its kind for residential solar PV systems in the US.
One of the key barriers to adoption of solar on residential properties has been the high up-front cost of acquisition. Gemstone identified the opportunity to use the expanded federal business tax incentives that are not presently available to consumers and utilize a leasing structure to provide an attractive offering for a homeowner. The program provides a “no money down,” affordable 15-20 year financing option for qualifying consumers in the State of Connecticut. In effect, the homeowner is able to fix their cost of electricity at today’s dollars since the lease payment is fixed for at least 15 years.
Gemstone provided the financial expertise to develop this program. Gemstone was instrumental in designing and structuring the leasing company, CT Solar Leasing, LLC (www.ctsolarlease.com), and raising its capital. An affiliate of Gemstone, Gemstone Lease Management, LLC will manage CT Solar Leasing on behalf of its owner, US Bancorp.
Gemstone and its partners are currently pursuing similar programs in other states and are in active discussions with utilities, governments, manufacturers and installers.
For additional details contact:
Adam Stern
The Gemstone Group
435 Devon Park Drive - Bldg 400
Wayne, Pa 19087
610.293.2507 phone
610-840.2184 fax
610.659.7713 cell
ajstern@thegemstonegroup.com
Bob Carpenter represented the principals of the Gemstone Group and Gemstone Lease Management, LLC in the transaction. And, on August 17, 2008 the CT Solar Leasing Program announced its first lease.
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