SAN MATEO, Calif., Feb. 14, 2013—SolarCity (NASDAQ: SCTY), a leading provider of clean energy, today released its standard residential lease and power purchase agreement (PPA) contracts for download in the first post of its new company blog. The company’s contracts protect consumers by comprehensively insuring the solar system, roofs and property and by providing system warranties, guarantees for power output, Web-based monitoring, and repair services to make clean energy easier and more affordable to adopt. To further help homeowners who are planning on going solar, SolarCity has issued a list of five helpful tips to consider when signing a solar PPA or a solar lease contract, available here.
“Our contracts equitably protect the needs of homeowners and meet the requirements of investment partners that are driving the growth of solar,” said Seth Weismann, SolarCity’s vice president and general counsel. “Our motive in releasing our contracts is to equip consumers with the information they need to comfortably adopt solar, and to better establish solar as a mainstream energy source.”
SolarCity’s customer contracts have been vetted by 20 of the top law firms in the U.S. Its contracts have also been vetted for use in funds financed by 15 major financing partners—including BofA Merrill Lynch, Citi, Credit Suisse and Google—and are accepted in more than 150 utility jurisdictions. SolarCity hopes its popular, widely-reviewed residential contracts can help the public better understand solar and serve as a model to combat unfair contract terms that do not fully protect the rights of consumers.
SolarCity provides solar energy directly to homeowners, businesses, schools and government organizations for less than they spend on utility bills. The company has now created more than $1.7 billion in structured financing to provide clean energy to customers.
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every three minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.