Going solar helps Embrace Home Loans to save $1.5 million over 25 years
Rhode Island mortgage lender wanted to cut costs and carbon emissions - so a mix of a 328kWh solar panel system, a state loan and a great, customized financing deal ticked all the boxes.
Embrace HQ needed energy-efficient power
Embrace Home Loans in Middletown, RI is one of America’s fastest-growing mortgage lenders. As its office requires over 700,000 kWh of electricity a year, the firm wanted to reduce operating expenses and its carbon footprint as part of its “Going Green” initiative.
Centrica Business Solutions custom solar solution
Embrace’s leadership team knows a good investment when they see one, and after meeting with multiple solar installers they quickly selected Centrica Business Solutions to install the system.
Centrica Business Solutions provided the best system design: an industry-leading 10-year workmanship warranty, a 10-year production guarantee, and a customized financing solution using the state’s newly approved C-PACE loan. Launched in early 2017 C-PACE is an innovative and affordable way for commercial building owners to finance clean energy projects and simultaneously increase cash flow and improve their building’s value.
Centrica Business Solutions secured a state grant for Embrace, which covered more than one-third of the system cost. Coupled with tax credits and projected energy savings, the project yielded a three-year ROI. After financing the purchase of the system via the C-PACE loan, Embrace now utilizes the energy savings to repay the loan, making solar a sensible financial choice.
The project helped Embrace cut energy consumption by 56%. Additionally, over a 25-year average, the cost of electricity has been cut by 69%. This effective refinancing of its electric bill will save $1.5 million over 25 years and facilitate new mechanisms to invest in the company.
• 966 LG 340 watt panels
• SolarEdge 33 kW inverters with optimizers
• Ballasted Roof Mount
• 328.4 kW
• 412,900 kWh annually