Learn More about Solar
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We provide capital leases for businesses looking to add solar without paying for the project out of pocket.
What kind of finance does Providence Capital provide for solar?
What is a capital lease? Is that the same as financing?
Does the customer own the equipment, or are they just renting it from you?
They will own it at the end of the term. During the term, they receive all of the advantages associated with ownership. They receive the 30% investment tax credit and take the full depreciation. This is an asset on their balance sheet, and they get to write off the interest from the lease.
How long are the terms?
Terms range from five to seven years, depending on the size of the transaction and the customer credit profile. We work with multiple underwriters, so there are different options. In general, for systems under $100,000 the term is up to 60 months and for systems over $100,000 we can do an 84-month term.
Is Providence Capital a direct lender or a broker?
Both. We have a team of credit managers with more than 100 years’ experience in commercial leasing, and we do most of the credit review and underwriting in-house. We do also have a private warehouse line available. We are the source of contact, the leases are written on our documentation, and we service the lease for the entire term. Our underwriters will issue payment and facilitate the billing.
What system sizes do you finance?
Sounds great! How long does the approval process take?
How do businesses find you?
And then what is the process?
What kind of financial package?
Is this a business or personal lease?
What kind of businesses are you looking for?
What are you looking for to approve a customer?
What industries do you work with?
Do you only work in California?
No, we actually finance projects nationwide. We just wrapped up an auto shop in San Diego, a commercial retail building in New Jersey, and a print shop in Michigan. We also have multiple commercial developments in Phoenix in the works. I will say I have yet to do Alaska or Hawaii—but that’s not to say we wouldn’t.