In a sign of the difficulty financing solar, commercial installer Borrego Solar said on Monday it has taken in $30 million from an outside investor to fund new projects.
With the additional funding, Borrego Solar will now be able to offer purchase power agreements to companies and government organizations.
In that model, a school or business does not buy the actual solar equipment but instead purchases the power it generates at a fixed rate over 20 or 25 years. The panels themselves are owned and maintained by a third party, such as an installer or a financing company.
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