PORTLAND, Ore., Jan. 4, 2011— SolarCity® today announced the availability of the first residential solar lease in Oregon. SolarCity’s SolarLease® financing option will make it possible for Oregon homeowners to go solar for as little as $20 per month, with no upfront cost, and save money from day one.
The affordable new financing option was made possible by new rules published by the Oregon Department of Energy that went into effect on Jan. 1st. The new rules allow customers who choose to lease their solar systems to receive the residential tax credit (RETC) that was previously only available to customers that purchased solar systems. As the customer cannot transfer the credit to SolarCity, SolarCity allows the customer to defer the remaining system cost not covered by the lease payments until the customer receives the RETC, effectively eliminating the customer’s upfront cost.
SolarCity will continue to provide Oregon homeowners with multiple financing options, including cash purchase, prepaid lease, and a partially prepaid lease with a lower monthly payment. All lease options include installation, SolarCity’s SolarGuard® proactive monitoring service, repairs, insurance and a performance guarantee for the life of the 15-year lease. SolarLease is available to Oregon homeowners that are also customers of Portland General Electric and Pacific Power, starting today.
“For less money each month than the cost of two movie tickets, Oregon homeowners can install solar power,” said Rob LaVigne, SolarCity’s regional director in Oregon. “Our Oregon lease option should make solar accessible to a wide range of homeowners across the state.”
SolarCity successfully launched community programs in Portland, Beaverton and Salem in 2010. The company recently opened a new, 15,000 square foot operations facility in Portland to expand installation capacity and provide a base of operations for its growing local workforce.
Homeowners interested in SolarLease or any of SolarCity’s services can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) for a free, no-obligation solar consultation, or visit SolarCity online at www.solarcity.com/request.
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.