FOSTER CITY, Calif., June 10, 2009—TheSolar Electric Industries Association (SEIA) has recognized SolarCity® with an inaugural Industry Innovator Award for the company's groundbreaking solar lease (SolarLease™) financing option. SolarLease allows homeowners to put no money down on a new solar system and save money from day one on electricity costs.

“SolarCity’s solar leasing program makes going solar more affordable for more homeowners,” said Rhone Resch, president and CEO of SEIA. “SolarLease is the most significant residential financing innovation the industry has seen.”

SolarCity, which has grown to become one of the nation’s largest solar power providers in less than three years of operation, provides businesses and homeowners a single source for financing, design, installation, system monitoring and related services. The company recently created a new tax equity fund with U.S. Bank to finance solar leases for homeowners and power purchase agreements (PPA) for businesses.

“SEIA has been an effective ambassador for the industry, and helped us notch some remarkable achievements, including the extension of the federal Investment Tax Credit and Renewable Energy Grant Program,” said Lyndon Rive, SolarCity’s CEO. “The awards that mean the most come from the groups that know your industry the best—this is a great honor.”

The SEIA Industry Innovator Award recognizes game-changing innovations that have expanded the solar market and resulted in significant installation of solar. SEIA recognized award recipients at the first annual PV America conference, which convened in Philadelphia this week.

SolarCity currently operates in California, Arizona and Oregon. Businesses and homeowners interested in SolarCity’s zero-down financing options can contact the company directly at 1-888-SOL-CITY (1-888-765-2489). Homeowners interested in SolarLease can estimate their solar lease payment and potential electricity savings by using SolarCity’s solar calculator, available online at www.solarcity.com.
 

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.