This week, Lowe’s, the second largest home improvement retailer in the world, and Oakland-based Sungevity, a residential solar juggernaut, announced an agreement to work together, according to a press release. As part of the agreement, Lowe’s will take an undisclosed equity position in Sungevity, and Sungevity will offer its solar solutions to Lowe’s customers through an interactive, in-store experience.
The in-store solar offering rolls out in select Lowe’s stores in states such as Arizona, California, Colorado, Delaware, Maryland, Massachusetts, New Jersey and New York. Over time, the program could extend to all of Lowe’s roughly 1,750 locations that currently service about 15 million customers per week.
While in the store, solar customers will get an iQuote and details on Sungevity’s solar lease.
Sungevity developed the free iQuote, which is a proprietary system that grabs satellite images and aerial photography to create a rendering of a proposed installation, calculate the cost of installation, and provide the customer with the costs and savings associated with a solar lease from Sungevity. The iQuote doesn’t require a site visit.
The 10-year solar lease covers monitoring, maintenance, repairs, insurance, and a money-back performance guarantee. It’s an affordable way to get into solar because the owner doesn’t need to come up with up-front cash or financing. Sungevity takes care of all that, and the purchaser puts little to nothing down.
Lowe’s is seeing an “increased demand for solar solutions,” according to a statement by Patti Price, senior vice-president, merchandising, Lowe’s. The new partnership gives Lowe’s the ability to respond to and meet that demand. So keep an eye out for Sungevity in your local Lowe’s.
In case you’re thinking about Lowe’s competition, Home Depot, the largest home improvement retailer, has an arrangement with SolarCity and SunRun in various states where these solar companies do business.