New program can make solar power less expensive than electricity from the utility company
FOSTER CITY, Calif., April 22, 2008—SolarCity, California's leading provider of solar power systems, on Earth Day announced a new solar power option that can make clean, renewable energy less expensive for homeowners than electricity from their utility company. The company is extending its unprecedented $0-down solar financing option to the majority of its California service area beginning today and extending until July 31, 2008. Closely following SolarCity’s April 2, 2008 debut of SolarLease, the first-ever, installer-led residential solar leasing option, the $0-down financing opportunity marks a major step forward in the effort to make solar more affordable and spur greater solar adoption in the state.
As part of the program, SolarCity will recommend the appropriate solar system based on a resident’s electricity needs. As an example, a homeowner with a $150 electricity bill can switch to a 3.2 kilowatt solar system for $0 down, an initial monthly lease payment of $90 per month, and a greater than $100 monthly reduction in utility bill. Thus SolarLease customers can save money each month by going solar and generate an immediate return on their investment in cleaner, renewable power.
“For solar power to truly reach its potential for environmental benefit, it must become more affordable and accessible—we’re trying to make solar power financially viable for more Californians,” said SolarCity CEO Lyndon Rive. “This first-of-its-kind, $0-down financing option is designed to allow families to start generating a positive return on their solar investment from day one, so they don’t have to choose between helping the environment and saving money.”
SolarCity’s promotional program debuted in San Jose last week, as a response to Mayor Chuck Reed's challenge for a solar installer to offer a no-money-down leasing option. SolarCity was first to respond to that challenge and has decided to now extend the promotional offer to customers in most of its service areas in California. California residents interested in learning more about SolarLease should call 1(888)SOL-CITY or 1(888)765-2489 for additional information, or to arrange a free solar consultation. As this is a limited-time offer, interested homeowners are encouraged to act within the next 100 days—through July 31st, 2008—to take advantage of the financial benefit of SolarLease.
About SolarCity
SolarCity®—a national leader in solar power design, financing, installation, monitoring and energy efficiency services—was founded with the mission to help millions of homeowners and businesses adopt clean power, protect themselves from rising gas and electricity costs and protect their environment from polluting power sources. The company’s SolarLease® and Power Purchase Agreement (PPA) options can make it possible for homeowners and businesses to switch to clean, solar power for less money than they currently pay for electricity. SolarCity’s 23 operations centers serve Arizona, California, Colorado, Hawaii, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas and Washington, D.C. Additional information about the company is available on the Web at www.solarcity.com.