WASHINGTON, July 19, 2012 /PRNewswire/ -- For some time, solar investors have been required to hire third party engineers and legal counsel to perform initial project due diligence (costing $10,000-30,000 for engineering analysis and upwards of $50,000+ for legal services) before even finalizing a term sheet. These high transaction costs make many small commercial projects financially unfeasible and many larger projects unattractive.
Now, investors who are considering whether to invest in a commercial or small utility-scale project can spend just $2,000-4,000 and receive "SolSnapshot" an initial fatal flaw analysis of risks that gives them the confidence to push forward - or the evidence they need to put the brakes on a project before committing significant amounts of their firm's time and capital.
The overall aim of SolSnapshot is to reduce the costs of investing in solar, broaden the pool of potential investments, and increase the velocity of the solar industry.
Yuri Horwitz, CEO of Sol Systems, commented, "We see hundreds of projects come through SolMarket, and one of the consistent barriers to financing is an efficient way for investors to review a project's engineering and business components. By reducing these costs through standardization, SolSnapshot provides investors and developers with an affordable fatal flaws analysis for a given project for a few thousand dollars – instead of a hundred thousand, and in a few days – instead of a few weeks."
SolSnapshot is part of Sol Systems' broader diligence services for investors and developers and adds a layer of depth to the project underwriting provided on SolMarket, Sol Systems' project finance arm. It advances Sol System's larger goal of standardizing and streamlining financing for the solar community.
Webinar: How to Diligence Your Solar Project Affordably – July 24th
Please join Sol Systems for a webinar on July 24th, 2012 at 3:30 PM EDT. Sol Systems CEO, Yuri Horwitz, and solar industry veteran, Joe Song, will discuss tips for investors and developers to diligence their solar projects cost-effectively, while reducing their risks. This webinar will be helpful for investors and developers who are involved with projects that will soon commence a due diligence process.
About Sol Systems:
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 installers and developers to bring over 3,000 solar projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
SolMarket, Sol Systems' financing arm, catalyzes investments for a broad set of solar projects by simplifying the origination, diligence, and financing processes. Developers seeking financing for projects can access over $2.5 billion in capital through the Sol Systems investor network.
To participate in the webinar, please visit www.SolMarket.com/events.