Solar Power Inc sells residential installation business

August 16, 2010

Solar developer and manufacturer Solar Power, Inc., has sold its residential business in order to focus on the large-scale commercial and utility-scale market.

The deal went through on Thursday (August 12).

The company based in Roseville, California, will immediately transfer its division operating under the Yes! Solar Solutions banner to solar financing specialists Paramount Energy Solutions, which also has its HQ in Roseville.

Solar Power’s residential business currently provides solar services in Sacramento, Placer, Yolo and El Dorado counties.

This allows us to focus on our core competencies” - Steve Kircher, Solar Power Inc.

Steve Kircher, chairman and CEO of Solar Power said the residential solar business could be “challenging” in the current economic climate, but said a company offering alternative financing for homeowners could make it work.

Mr Kircher said: “This agreement is a win-win for all involved. We’re proud to share an exclusive alliance with Paramount Energy Solutions in the development of the residential solar market.

“This allows us to focus on our core competencies and operational strengths as we continue to pursue a growing number of distributed generation and utility-scale solar developments,” added Mr Kircher.

Paramount

Paramount Equity, which was originally set up in 2003, has been selling solar photovoltaic systems for 10 months through its Energy Solutions arm, to around 500 homeowners in California and Arizona.

Working with Foster City-based SolarCity, Paramount provides financing, custom design, solar installation, permits, rebate paperwork, and ongoing solar system monitoring from a single source.

It offers a solar leasing program in which customers can switch to solar power with no upfront costs.

“We are excited about this agreement with Solar Power, Inc.,” said Hayes Barnard, CEO of Paramount Energy Solutions. “Our company’s focus is in helping homeowners save money on a monthly basis. We look forward to assisting those customers currently working with Yes!”

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