Morgan Stanley sticks its head in the sun
Filed under: Products and services, Morgan Stanley (MS), Housing, Technology
A joint effort to make solar systems more affordable for consumers was announced recently by SolarCity and banking giant Morgan Stanley (NYSE: MS).
According to a report by Justin Moresco on RedHerring.com, the financing program is an attempt to jump start the conversion of homes to solar usage by providing financing incentives that will lower solar installation costs to consumers. The financing incentive program is called SolarLease, and it will undergo a test run in California.
The Red Herring article indicates that the program may enable consumers to have solar systems installed with an initial payment as low as 10 percent of the total installation cost. It is then expected that the money consumers save on their utility bills by going solar will cover the monthly lease payments for the installed solar equipment.
The article does not indicate whether consumers will eventually own their solar systems or if the lease program is expected to be perpetual.
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