SolarCity Introduces Solar Lease to Customers of Nation’s Largest Municipal Utility
SolarLease™ makes it possible for LADWP customers in Los Angeles area to adopt solar power for less than they previously paid for electricity, and save money from day one
CULVER CITY, Calif., July 27, 2009—SolarCity® today announced the availability of its award-winning solar leasing option (SolarLease™) to customers of Los Angeles Department of Water and Power (LADWP), the nation’s largest municipal utility. SolarCity’s lease combines with LADWP’s generous solar rebates, among the highest of any U.S. utility, to make solar power as affordable for Los Angeles homeowners as anywhere in the nation. A SolarCity solar lease of a 4-kilowatt solar system, appropriate for a typical 3-bedroom home in Los Angeles, would start at $55 per month, with no money down, on approved credit.
LADWP provides more than 1.4 million customers in the Los Angeles area with electricity. Erik Solter, a homeowner in Canoga Park in the San Fernando Valley, is among the first group of LADWP customers to sign up for SolarLease. “I’ve always wanted to be greener but I’ve been waiting for an option that makes financial sense,” says Solter. “With SolarCity’s SolarLease I can adopt solar power for less than I used to pay for electricity and help LADWP conserve energy.”
SolarCity’s solar leasing option for LADWP customers is a 20-year lease with fixed monthly payments for the life of the lease, so savings increase over time if electricity rates rise. The first month’s payment is due when the system is turned on. SolarCity’s lease option includes financing, design, installation, a performance guarantee, the company’s Web-based SolarGuard™ monitoring service, and repair service.
“LADWP and Mayor Villaraigosa are continually working to increase the use of solar power in Los Angeles,” said Lyndon Rive, CEO of SolarCity. “More than 1,000 LADWP customers have already inquired about our solar lease option, and we’re hiring 25 new installers in the Los Angeles area to help meet the demand.”
LADWP customers interested in SolarCity’s new lease option can estimate their solar lease payment and potential electricity savings online by using SolarCity’s solar calculator, available at www.solarcity.com. The solar calculator incorporates information about LADWP rates, incentives, local weather and solar production to create a customized estimate for each customer. Interested LADWP homeowners can also contact the SolarCity directly at 1-888-SOL-CITY (1-888-765-2489) to speak with a solar advisor. CA CSLB 888104.
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 five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.