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Case Study: Distributed Generation through Residential Solar Leasing - page 6 / 11

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Choose Your Partners Carefully

Third party administration is key

In CT program, Gemstone splits operational and management duties with AFC.  Gemstone manages leasing company including asset management and system relocations, REC aggregation and sales, accounting and tax functions

AFC provides installer training, consumer credit underwriting, lease origination, servicing, collections and consumer protection compliance

A good manager and TPA team is vital to create attractive terms and economics for all parties.  Poor credit underwriting drives up program costs- collections, potential ITC recapture, system relocations, etc.

Set Sponsor (eg: State) objectives and expectations carefully

What is best for the homeowner might not meet IRS requirements

Use professionals (legal, accounting, etc.) with experience in leasing,  tax credits and related structures

Need to evaluate many alternatives to meet needs of the public and private sector interests.  For example, all leverage vs. no leverage structures and partnership flips vs. master lease structure

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