promote solar energy and preparing for the imminent (2016) solar tax credit phase-out. In December 2013, NREL's Travis Lowder and Michael Mendelsohn published a white paper, The Potential of Securitization in Solar PV Finance, which argues for securitization as replacement funding. R&R discovered that rating agency bias exists against solar PV lease securitization, similar to corporate. The agencies willing to issue ratings (some are not) are capping the rating at low Investment Grade risk levels. Really? Not $1 of securities backed by energy that continuously self-generates is capable of being rated AAA?