Adara Power Offers Energy Storage Financing and Partners with the Electric and Gas Industries Association
Adara Power, a privately-held Silicon Valley company committed to providing safe, reliable, intelligent, and connected energy storage, announces five financing options and a partnership with the Electric & Gas Industries Association (EGIA), a non-profit organization dedicated to advancing energy efficiency and renewable energy solutions through the home improvement and renewable energy industries. Through the EGIA, contractors can apply for third-party financing programs that are pre-approved for the Adara Power residential and commercial energy storage systems.
“Partnering with the Electric & Gas Industries Association allows us to provide energy storage solutions to a wide range of property owners by leveraging the national network of contractors, while also extending financing opportunities through third parties to qualified customers,” stated Greg Maguire, Co-founder and Vice President of Sales and Marketing, Adara Power. “These financing opportunities mean that we are now able to provide property owners with everything they need to obtain energy storage: training, designing, installing commissioning, and financing.”
Third-party financing programs offered through the EGIA include:
Renewable Express Loan Program: Adara Residential Energy Storage systems can be financed through this unsecured financing program. It is optimal for contractors new to financing and allows for unsecured installment loans up to $64,000 with terms up to 12 years and no interest or payment for up to 24 months. Pace Financing: Adara Residential Energy Storage Systems now qualifies for PACE financing through Renovate America’s HERO program. The PACE Program is a community-based program that allows homeowners to finance energy-efficiency and renewable energy upgrades by repaying them along with their property tax bill. The PACE Program pays for 100% of a project’s costs and is repaid over 20 years or less.
Benji Unsecured Financing: A complete unsecured financing platform that can be used with the HERO program, allowing for the combination of energy and non-energy efficient projects. This financing option offers loans up to $50,000 with payment terms of 5, 7 or 10 years with 6 and 12 interest-free and payment-free months. Energy Wise Lease Program: Ideal for Adara’s Commercial Energy Storage System, this program offers commercial businesses leases for facility upgrades on a term of 7 years or less. It offers lease amounts ranging from $20,000 to $99,999.99 with competitive interest rates.
Commercial Financing Program: This program is available for commercial businesses that are looking to finance larger comprehensive updates, such as the Adara Commercial Energy Storage System, to their facility. It offers terms up to 10 years with loan amounts up to $5,000,000. “Adara Power is a leader in the energy storage industry and shares our commitment to advancing energy efficiency and renewable energy solutions,” said Bruce Matulich, CEO and Executive Director, Electric & Gas Industries Association. “By introducing Adara Power to our national network of contractors and helping Adara set up financing options, we deliver on our mission as an association to provide innovative, financeable, clean technologies to our members.”
Adara’s Residential and Commercial Energy Storage Systems are powered by the company’s iC3 Platform, which intelligently integrates battery and inverter controls with cloud-based software and a robust IoT connectivity solution. Adara’s solutions are designed to support both homeowners and facility operators looking for energy storage solutions capable of performing dedicated peak shifting, back-up power, demand charge reduction, and energy efficiency, while also enabling participation in emerging transactive energy exchanges.