The proceeds are for the financing and deployment of combined solar electric and solar water-heating leases for the residential market.
EchoFirst said its own integrated solar energy system combines basic solar electricity with solar water heating, which will generate more energy requiring fewer solar panels.
EchoFirst CEO Vikas Desai said "The Echo solar system delivers so much more than basic solar – electricity to power your home, thermal energy to heat your water – and the Echo CompleteLease translates both of these into savings for the homeowner."
WGL Holdings chairman and CEO Terry McCallister said the lease structure allows homeowners to save more on their utility bills with no required upfront costs.
"Echo’s experience, combined with this exciting product, will allow more customers across the United States to enjoy the many significant benefits of using clean and efficient energy solutions," said McCallister.
