DOE Commits $3.3 Billion to Solar Energy Loans for Disadvantaged Communities, Supporting 115,000 Homeowners Nationwide.

The Department of Energy has made the federal government’s largest-ever commitment to solar energy, finalizing a partial loan guarantee agreement with Sunnova to back loans for distributed energy resources in disadvantaged communities. The agreement marks DOE’s first loan guarantee for a VPP, equates to a 90% guarantee of up to $3.3 billion of term loans originated by Sunnova under Project Hestia. DOE expects to provide loans to between 75,000 and 115,000 homeowners in the U.S. and its territories through its 568 MW Project Hestingia program. The loan guarantee is “an important step in structured solar investments that will accelerate solar adoption and bring our best-in-class service to more underrepresented customers. The company hopes to reduce emissions and support grid stability by providing consumers with “near real-time insight” into their energy system, then provide location-specific emissions data to DOE.