The Research On Financing Methods In Our Distributed Solar Resources

Suffering from environmental pollution in recent years, from 2013 China decide to follow the pace of the developed countries Europe and America to develop photovoltaic industry in order to improve the energy structure. The centralized ground photovoltaic power plants excess supply. So developing distributed PV power stations is the effective way to improve the energy utilization efficiency. Distributed power station has many advantages: it can improve the problem of insufficient utilization rate; higher profitability; more investors to be attracted to enter.Although our government has issued FiT price subsidy policy, but the pace of photovoltaic distributed power station China moved slowly. The core reason is: financing. Mainstream financial institutions such as banks just notice but not participate actively the distributed PV due to worrying about the long investment payback period, the uncertain IRR and the risk on collection of electricity power fee. So the most important to promote the distributed photovoltaic industry is the innovative financing services, such as the asset securitization mode of industrial investment funds which take the electrical bill usufruct as guarantee or payback.The innovative financing modes used in distributed PV financing mode in other countries pushed the development of the industry. Three examples in different financing mode in United States PV enterprises are introduced, including the joint venture mode in SolarCity, the Yield Co mode in Terraform and the crowd financing mode in Mosaic.The ABS financial products based in plant cash flow are not mature in our country. Crowd financing could not be largely introduced in near future due to the un-complete of regulation. The most mature mode is sale leaseback which is implied in property and transportation industry. In this paper, we find more profitability of PV plants in financing lease(sale and leaseback) than traditional credit financing mode.Finally the article summarized up the financing modes used: sale-leaseback in short term and innovative financial products in long term when the sustainability of cash flow of solar products. Financial institutions should take more innovations in financial services. The government should actively construct the communication platform for financial institutions and enterprises. Leading photovoltaic manufacturing enterprises should extend the industrial chain to the downstream, and push of photovoltaic power plants to the public.