Lowe's Pushing into Solar

Lowe's, the world's second largest home improvement retailer recently announced a new partership with residential solar provider Sungevity that will put renewable energy within the reach of millions.

On Monday, the companies announced a new agreement that will offer homeowners the easiest and most affordable solar solutions in the marketplace, marking a significant step in the mainstream adoption of residential solar.

As a result of the partnership, residential customers will have access to Sungevity's iQuote, a process that utilizes satellite images and aerial photography to calculate a same-day, firm installation estimate, eliminating the need for a home visit.

Once the estimate is delivered, customers are provided with a cost-analysis showing what they can save through Sungevity’s innovative solar lease program.

Sungevity's Solar Lease allows households to go solar without the upfront cost. For no money down, the company will design and install a system customized for a home, then lease the panels to the homeowner for a low monthly rate.

Customers typically experience an immediate savings on their electricity bills through Sungevity's solar lease, which includes monitoring, maintenance, repairs, insurance, and a money-back performance guarantee. Additionally, as part of the agreement, Lowe’s has taken an equity position in Sungevity.

"I am thrilled about the potential of reaching Lowe’s 15 million weekly customers at their more than 1,750 retail locations, with Sungevity's services," said Andrew Birch, chief executive officer, Sungevity.

"This partnership marks a major acceleration point in our mission to make solar power easily accessible and affordable to homeowners nationwide."

This collaborative offering will be available at all Lowe's stores in the eight states that have Sungevity locations, including Arizona, California, Colorado, Delaware, Maryland, Massachusetts, New Jersey and New York.