Los Angeles Surety Agency For Solar Contractors: Bond Application Process Update

The new performance bond application process requires fewer documents from contractors looking to secure work on commercial and industrial solar projects. For added convenience, Surety Bond Professionals allows contractors to begin their application online by filling out a form on their website.

For more information, visit https://www.suretybondprofessionals.com

A study conducted by the University of Michigan in 2021 projected a 35% increase in the use of solar energy in the next ten years, equivalent to around 40 million households and commercial establishments running entirely on solar power. With Surety Bond Professionals’ recent update, contractors can take advantage of this projected growth and get more contracts for the installation, maintenance, and decommissioning of solar power generating systems.

As to the necessity of solar performance bonds and what ultimately determines the amount, the Surety Bond Professionals website states, “Any solar contractor can be required to purchase a performance bond as a condition for being awarded a contract. As the obligee, the project owner establishes the required bond amount, which typically is at least equal to the total project cost.”

Some of the details that solar contractors need to submit include information about the project they are bidding for, financial documents, and a complete rundown of projects they have completed in the past. The premium rate given to a solar contractor depends on how good their credit history is, and for smaller companies, that may include the principal’s personal credit score. If the underwriters find that the principal has good credit, they can be eligible for a rate of 1-3% of the bond amount.

About the Agency

Surety Bond Professionals has access to over 25 surety markets and matches their clients with bonding companies suitable for their size, financial situation, and expertise. With over 30 years in the business, they use a proprietary process that allows them to find the right surety programs for their clients.

“Surety Bond Professionals make the bonding process easy. They do it right the first time, which saves us time and money and allows us to secure the size jobs we want. The team is accessible, flexible, and easy to work with,” a satisfied client said.

More information is available at https://www.suretybondprofessionals.com

Surety Bond Professionals, Inc.

205 Union Street

United States

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