Tech CU Introduces Commercial Solar Financing Program with Belvedere Solar Finance
Program Designed for Tech CU’s Commercial, Non-Profit and Government Members
San Jose, Calif. – October 5, 2017 – Tech CU (Technology Credit Union), in conjunction with Belvedere Solar Finance, today announced that it is introducing a solar financing program for its commercial, non-profit and government members. The program will allow members to finance solar systems ranging in price from $100,000 to $2 million with no money down. All financing will be structured so that savings from solar will cover the cost of the financing over time.
“Earlier this year, Tech CU made a strong commitment to fund residential solar loans. However, we quickly realized there was a need to fund solar for our commercial, non-profit and government members as well,” said Joe Anzalone, Chief Commercial Banking Officer of Tech CU. “We began looking for a partner who could help us structure financing that takes into account each member’s unique situation, cash flow objectives, and ability to use the tax benefits associated with solar. Having successfully worked with the Belvedere principals before, I was confident we could meet these requirements and more.”
The new solar financing program will offer a range of financing alternatives including:
- Leases: For commercial entities unable to use solar tax benefits.
- Loans: For commercial entities who can use solar tax benefits, and for non-profits ineligible for tax benefits.
- Tax-exempt leases: Designed specifically for government entities.
“Installing solar will allow members to significantly reduce their carbon footprint, insure against rapidly rising electricity costs, and dramatically reduce electricity costs,” said Dick Leask, president of Belvedere Solar Finance, a Richmond-based company. The company has been working with California community banks and credit unions since 2006 to offer solar financing for commercial, non-profit and government solar installations. “We have structured more than $100 million in solar leases and loans, and users invariably enjoy dramatic cost savings. We’re looking forward to helping Tech CU’s members.”
“At Tech CU, respecting our environment and embracing green energy alternatives has always been a focus,” said Todd Harris, CEO of Tech CU. “Over the past few years, we’ve added solar to our own office environment – shrinking our non-renewable energy consumption by nearly 30 percent. We look forward to helping other businesses achieve similar results and enjoy the cost savings of solar.”
ABOUT TECH CU
Tech CU (techcu.com) is a $2.4 billion credit union serving more than 90,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today we continue to be an industry leader, providing convenient and easy-to-use financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves high marks for its customer satisfaction and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, Tech CU makes 24/7 banking easy and empowering.