Companies offering solar leases or Power Purchase Agreements (PPAs) are organized in one or

more of the following ways:

1.

Fully integrated
These companies own all the major parts of the solar business, including capital, sales,
installation, and after-sales service and maintenance. SolarCity is the best example of a
vertically integrated solar company.

2.

Partner model financiers

These companies use their own capital or source funds from a bank or a private investment
fund to offer solar financing programs. They have built a national installer network that offers
their financing program exclusively to consumers. Examples of such companies include
SunRun, SunEdison, Sungevity. Some solar panel manufacturers are also providing financing
using this business model. They include SunPower, Brightlease and CentroSolar.

3.

Semi integrated financiers

These are primarily financing companies that any installer can use to offer a solar financing
solution to property owners. Companies like Clean Power Finance, Graybar Financial, Tech
Credit corp. are examples of this business model.

4.

Semi integrated installers

Some larger installers have lined up a line of credit at a bank or at a private investment fund.
Some even have put their own capital to finance commercial installations. Examples include
Amberjack Solar and American Solar Direct.