Wednesday, July 14, 2021: VCIB is located on the traditional territory of multiple Indigenous nations, including the Haudenosaunee and the treaty territory of the Mississaugas of the Credit/Toronto, ON — Vancity Community Investment Bank (VCIB) is proud to announce VCIB’s first cohort of the Solar Installer Partner Program, 15 leading solar installation companies from coast-to-coast:
As a values-based Schedule 1 bank, VCIB’s mission is to build a sustainable future by using finance as a tool for change. By joining forces with our solar installer partners, our partner program will create a cleaner, greener tomorrow by making it easier for businesses and organizations to adopt solar.
“In 2021, Canadians are waking up to the fact that we have a world-class renewable energy resource.” Said Greg Sauer, VP of Sales at SkyFire Energy Inc. “Businesses are increasingly asking the question ‘does solar PV make sense for us?’ For many businesses eager to reduce and stabilize operating costs and showcase their commitment to their environmental, social and governance (ESG) initiatives, the answer is often yes.”
Even though solar technology is a cost-effective clean energy solution that has been available in Canada for decades, larger scale self-generation solar projects for building owners has seen a slower increase in Canada, with a lack of appropriate financing being cited as one of the main hurdles:
Sauer continues; “We have long sought to find an affordable financing solution for small and medium-sized businesses that is consistent with their needs (e.g. competitive rates, fast approvals and flexible payment options) and that makes it easier for our customers to own their own generation. VCIB’s Commercial Solar Equipment Loans fill a critical gap and as a fellow B Corp, we are 100% comfortable recommending this financing solution to our customers.”
For years, VCIB’s clean energy team has heard installers say that appropriate financing is a much needed tool to ensure all viable solar projects get built. The Commercial Solar Financing Program was created to complement the team’s existing project finance solutions, as Canada’s first dedicated loan program to increase the adoption of self-generation solar projects for commercial building owners.
“VCIB’s Solar Financing was a very welcome addition to our team.” Said Tyler Blower, Founder and Managing Director at Otter Energy Inc. “We have been able to breathe new life into many projects that previously paused due to a lack of solar specific financing.”
In the light of Canada’s new climate commitments, adopting renewable energy is more pressing than ever. Canada has one of the highest per capita power consumption rates in the world, where two-thirds of the energy used by Canadians is derived from non-renewable sources. But with our partners championing the growth of Canada’s clean energy industry, a solar revolution is storming the country.
“Financial institutions have a critical role to play in transitioning Canada away from fossil fuels.” Said Trish Nixon, Managing Director of Commercial Impact Banking at VCIB. “Together with our partners, leaders in the solar installer industry, we’re confident we can make a significant contribution to greening our electric grids using the power of the sun.”
For installers looking to become part of the program, we are still accepting applications for commercial solar installers. To learn more and to get in touch, visit vcib.ca/solar-installers.
About VCIB’s Commercial Solar Financing
VCIB’s Commercial Solar Financing Program provides Canadian businesses and non-profits up to 10 million dollars to install solar panels on their properties. Our fast and flexible solar equipment financing takes clients from application to approval in as short as four weeks to ensure project timelines are met. VCIB’s rates range from 4.5% – 7.5% based on the business’ financials, operating history, and project size. Our financing covers up to 90% of the equipment, installation, and engineering costs of the solar project.
About VCIB’s Solar Installer Partner Program
Our Solar Installer Partner Program is designed for solar installers to connect their commercial clients with fast and flexible financing tailored to suit each company and project. Approved partners are guaranteed that their clients will get their application approved in 4 weeks or less to ensure project timelines are met.