ProPower Green Construction provides interim financing for renewable energy transactions during the construction phase enabling all parties to the sale including Distributors, Manufacturers and installers (“customer”) to receive payment for goods and services prior to interconnection. This unique program improves cash flow and sales for both the Distributor and the customer.
DISTRIBUTOR PROGRAM OUTLINE
- ProPower Green Construction is offered by Distributors to selected customers who have demonstrated a solid working relationship with the Distributor and whose credit is in good standing.
- The Program offers interim construction financing of residential or small commercial renewable energy projects enabling the customer to use the anticipated net proceeds of the loan or lease financing commitment as payment to the Distributor providing the materials as well as partial payment for installation services.
- The Program grants extended payment terms and credit based upon timely completion of a customer’s system installation, a confirmed financing commitment from an approved source as detailed in the Program Guidelines and the account must be personally guaranteed by the customer. If interim financing is requested prior to job completion, the account must be Recourse to the Distributor. Typical Program terms offer financing from job completion through interconnection.
- A 1% transaction fee will be deducted from the Distributor proceeds authorized by the customer.
- A 90-day extended term fee of 4.0% will be deducted from the customer financing proceeds. If payment in full is received within 60 days, a refund of 1% will be credited to the customer’s account.
- A finance charge of 1.5% per month (18% per year) will be assessed on the unpaid balance (job in progress) after 90 days until paid in full.
- If the account balance is not paid in full either by receipt of the committed funding or customer payment within 180 days, the balance will continue to be assessed a finance charge of 1.5% per month and will require a minimum monthly payment of 10% of the outstanding balance plus finance charges, any late or service charges and any past due amounts.