CBD Energy Limited (NASDAQ: CBDE) today announced it has obtained approximately $300,000 of loan approvals for residential solar systems under its solar installations brand, Westinghouse Solar, within three weeks of operation following a soft launch in the Greater Boston area of Massachusetts. CBD Energy Limited is a diversified clean energy company and leading global provider of solar systems, having completed more than 17,000 residential installations. CBD Energy Limited markets its residential and commercial solar installations under the name Westinghouse Solar.
Westinghouse Solar residential systems sold in the U.S. are backed by a 20-year warranty. The loan program also allows Westinghouse Solar customers to retain the full benefit of available tax credits and other renewable energy incentives, and to avoid potential issues involved with transfer of leases or power purchase agreements (PPAs) if/when they sell their homes. Use of the residential solar loan program also ensures that local incentives benefit residents in participating communities and enhance local economic growth.
“We’re delighted by the strong response to the Westinghouse brand we’re receiving in the Greater Boston area. Our new loan facility lets us offer a zero-down solar offering with competitive financing terms that provide favorable economics for the customer. Given the many benefits associated with a Westinghouse Solar system and this financing option, we expect the high conversion rate we’re experiencing will continue. This bodes well for Westinghouse Solar as we commence our advertising and marketing campaign,” said James Greer, SVP of Westinghouse Solar U.S.
Mr. Greer continued, “We’re confident that CBD Energy’s extensive experience in residential, commercial and utility solar installations will serve us well as we launch a full spectrum of services under the Westinghouse Solar brand in targeted regions across the United States.”
CBDE anticipates that the $20 million in financing capacity announced in May will be adequate to meet the needs of new Westinghouse Solar U.S. customers. CBDE is exploring ways to expand the Westinghouse Solar U.S. loan facility in anticipation of continued high demand for Westinghouse Solar systems and meet the needs of new solar system buyers. Residential solar system loans offered by Westinghouse Solar are underwritten, serviced and owned by a third-party financing source, and neither CBDE nor its U.S. subsidiary, Westinghouse Solar, will retain financial exposure to loan delinquencies or defaults.
About CBD Energy Limited (NASDAQ: CBDE)
Established in 1989, CBD Energy Limited, or CBD, is a diversified renewable energy company and a global leader in solar installations. Powered by a management team with deep experience in the energy sector and strong engineering capabilities, CBD is focused on the integration of residential solar, commercial and industrial solar, small utility scale solar and wind projects, in three principal markets – Australia, the U.S. and UK.
Headquartered in Sydney, with principal regional offices in London and New York, CBD has completed projects across four continents, in countries as far-reaching as Australia, Fiji, Germany, Italy, New Zealand, the UK and the U.S. CBD has installed more than 17,000 residential systems and developed large renewable energy projects such as the 107MW wind farm in Taralga, NSW. CBD markets its residential and commercial solar installations under the name Westinghouse Solar, using the WESTINGHOUSE® trademark pursuant to an exclusive, long-term worldwide license.