New program to lower cost for solar energy to businesses
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A new partnership between Virginia Community Capital and Sigora Solar will allow small businesses to have access to solar energy for a lower cost.
The small business solar loans program will provide an initial interest rate of 2%. This is much lower than traditional rates for solar installation. For many companies, including VistaShare in Harrisonburg, who had solar panels installed by Sigora, the upfront cost is what usually turns them away.
Daryl Myers, owner of VistaShare says, "If you can weather the short-term cash flow, or back it up with a loan, or something like that; on paper and in reality it looks like they will pay themselves off."
Myers says they expect to have their system paid off after five years. Right now, they produce 80-90% of their electrical costs. He also added it's about more than just the financial incentives, but it also helps the environment.