News Stories

"Lots of people would like to put solar panels on their homes, but find the investment is too great. But there is a way to do it without the big upfront costs."

Arizonans have the opportunity to power their homes with solar panels made by Tempe-based First Solar Inc. The company said it inked a deal with Foster City, Calif.-based SolarCity Corp. to sell the residential-installation company enough panels for 25,000 homes in the next five years

First Solar company has just made its first foray here in the U.S. with a $25 million investment in SolarCity, the top installer in California. Thanks to the extension of the Investment Tax Credit, First Solar and other companies have the visibility they need to commit capital to this market. SolarCity offers an attractive financing solution, in partnership with Morgan Stanley (NYSE: MS), that lets people lease rather than buy solar installations. In combination with First Solar's low-cost panels, this looks like a pretty strong offering, and I look forward to monitoring its traction with customers in the quarters ahead.

On the same day that the First Solar released its quarterly financial report, the company announced it has signed a module supply agreement with SolarCity. As part of a five-year, 100-MW panel deal with SolarCity to supply the U.S. residential market for the first time, the thin-film PV leader also said it has made an equity investment in the system integrator. SolarCity serves California, Arizona, and Oregon with plans to expand into additional states. The company said its SolarLease financing option allows homeowners to switch to solar power for less money than they currently pay for electricity from their power company, without the need for a large upfront investment.

Solar panel maker First Solar Inc. said Wednesday it's entering the U.S. residential market by signing a five-year contract with SolarCity Corp. Under the agreement, First Solar will supply 100 megawatts of thin film modules to SolarCity, a Foster City, Calif., residential solar installer, beginning in the first quarter of 2009.

First Solar, which produces the lowest-cost solar cells in the industry, will also take a minority stake in SolarCity with a $25 million equity investment in the privately held company, which installs clean-power systems in California, Arizona and Oregon.

SolarCity, the Foster City solar-system installer, inked a deal Wednesday that will bring thin-film solar panels to residential rooftops for the first time, the company said. The five-year contract calls for First Solar of Tempe, Ariz., to supply 100 megawatts of its thin-film solar modules to SolarCity starting in early 2009. The deal will provide panels for up to 25,000 homes. By using thin-film panels, SolarCity will be able to keep the cost to consumers at the same level despite the reduction in rebate dollars, according to Lyndon Rive, chief executive officer of SolarCity. "Cost is important to us,'' he said. SolarCity is the largest installer of residential solar systems in California, the company says, citing California Energy Commission data. Its business has grown rapidly since it began offering a solar-lease program earlier this year that allows a homeowner to get solar without a significant up-front payment.

In a move that will bring thin-film solar panels to the U.S. residential market, First Solar has signed a deal to provide installer SolarCity with 100 megawatts’ worth of solar arrays over the next five years. First Solar is also investing $25 million into SolarCity, the Silicon Valley startup backed by Tesla Motors founder Elon Musk. This is First Solar’s initial foray into the home market — and apparently the first of any thin-film solar module maker. SolarCity CEO Lyndon Rive told Green Wombat that First Solar’s more economical panels will allow the company to expand to the East Coast and other areas that do not heavily subsidize solar. SolarCity installs solar panels at no cost to the homeowner and then leases them back for a monthly charge. “What matters is not efficiency but cost per kilowatt-hour,” Rive says, noting that solar programs like California’s reduce rebates to panel makers as the number of installations increase. “We need solutions that address declining subsidies.” Added SolarCity communications director Jonathan Bass: “When we talk to customers their four biggest priorities are cost, cost, cost and aesthetics.” Beginning in early 2009, SolarCity will start receiving 20 megawatts’ worth of First Solar panels a year. Rive won’t disclose how many megawatts SolarCity currently installs annually, but 20 megawatts would seem to represent a significant expansion of the startup’s operations. Over the past two years, SolarCity has installed solar arrays for 2,500 homes and small businesses and a spokeswoman says the First Solar deal would supply enough panels for about 5,000 homes a year.

Solar energy industry bellwether First Solar (FSLR) late Wednesday reported third-quarter profit that far exceeded analyst views, after earlier in the day announcing its first foray into the U.S. residential solar market. Earlier in the day, word that First Solar will supply panels to home-solar firm SolarCity helped boost First Solar shares 1.5%. First Solar also said it will make a $25 million investment in SolarCity. The company decided to partner with SolarCity after Congress this month extended solar-investment tax credits another eight years, as part of the $700 billion financial bailout package. SolarCity, First Solar's U.S. residential partner, leases to users about 2,000 home-solar systems in California and in the Phoenix and Portland, Ore., areas. With about $58 million in funding and via a tax-rebate program with Morgan Stanley, (MS) the company promises residents that it can cut their power bills with no upfront investment needed. Homeowners often find they can cut their energy costs by 20% to 30%, says SolarCity Chief Executive Lyndon Rive. But he says the company needed the less-costly solar gear provided by First Solar in order to bring about savings in locales where tax rebates are minimal and where conventional power is relatively cheap. "First Solar . . . allows us to go into markets we haven't been able to enter into before," Rive said, adding that SolarCity is looking at East Coast deployments for 2009.

The solar panel maker announced plans to enter the U.S residential market with a minority stake in SolarCity, a solar panel installer. – I like what’s going on here, says Pete Najarian.

First Solar announced it had invested $25 million in SolarCity and has agreed to supply thin-film panels to the solar financer and installer. The deal calls for First Solar to deliver 100 megawatts worth of solar panels to SolarCity over five years beginning in the first quarter of 2009. SolarCity, based in Foster City, Calif., installs solar-power systems on residential and small commercial properties in California, Arizona and Oregon. The company also offers leasing options, paying part of the upfront cost of a system, which could set homeowners back roughly $30,000. The $25 million in funding is part of a $30 million round the company raised, with investors including JP Morgan, Draper Fisher Jurvetson and DBL Investors. The round brings SolarCity's total capital to $56 million. The thin-film maker's entry into the residential market - and its interest in SolarCity - is perhaps not surprising. Ahearn complimented SolarCity at the Solar Power International conference in San Diego two weeks ago during a panel that also included SolarCity CEO Lyndon Rive. Speaking about the residential solar market, "You still have to be an enthusiast and get it done," Ahren said. "SolarCity has done a better job than most."

Solar installer SolarCity raised $30 million in new funding, $25 million coming from the world’s largest thin film solar panel manufacturer First Solar. The Foster City business has raised $56 million in venture capital and equity financing and is the largest residential installer in California. The money will help the company expand into other states in addition to Oregon and Arizona. First Solar’s panels will help the company drive down costs in its lease program, which offers residential customers in some markets the opportunity to lease their panels at a lower cost than what they pay for electricity. With thin film, SolarCity can offer immediate cost savings in more markets in the United States, Rive said.

Thin-film solar darling First Solar and solar installer SolarCity have announced a deal today that will bring First Solar’s thin film solar product to U.S. residential customers for the first time.

U.S. financial markets are in the doldrums, but things look bright for SolarCity. The Foster City, Calif., solar installer said Wednesday that it had received $30 million in funding to help it finance its U.S. expansion.

As part of its $7.5 million commitment to increase solar power in San Francisco, PG&E donated more than $100,000 to install a solar photovoltaic (PV) system for Mission Housing. The PV system was installed by Solar City, the No. 1 residential and small commercial solar power provider in California. Mission Housing Development Corporation (Mission Housing) was joined by San Francisco Mayor Gavin Newsom today at the unveiling of a new solar energy system donated by Pacific Gas and Electric Company (PG&E). The solar installation at Valencia Gardens, a 260-unit affordable housing development, will allow Mission Housing to power their senior center, computer laboratory and other child care center.

Don't get me wrong -- I'm as upset as the next person that our tax dollars will go to bail out unscrupulous banks -- but there is a silver lining to all those interested in renewable energy, which should be everyone worried about climate change, peak oil, or energy independence. The really good news is that the bill extends tax credits for solar energy of all types for the next eight years, and removes the current US $2,000 cap for homeowners. This means that renewable energy is now more competitive with utility rates, the investment pays for itself in a shorter time frame, and homeowners can more easily guarantee their electricity costs for the next 20-30 years. Some California companies like SunRun and SolarCity have lease programs that emulate power purchase agreements that have been successfully employed for larger commercial systems for years. In many cases, the monthly costs will be less than the prices homeowners are paying for higher-tier electricity from the utility.

GoSolarMarin selected SolarCity of Foster City to provide photovoltaic systems for commercial and residential rate payers who register. Customers also can lease solar equipment from SolarCity and receive their first three months free.

A Silicon Valley startup rents solar panels to homeowners - a strategy that is both cost-effective for customers and, thanks to generous tax breaks, a boon to its bottom line.

TIME interviews Van Jones, the head of the non-profit Green For All and the author of the new book The Green-Collar Economy, about green-collar jobs. The article includes an image of SolarCity installer Jeremy Worall.

CNET’s Martin LaMonica writes an article on what several solar companies are doing to grow their business despite the current economic situation. The article mentions that SolarCity eliminates the upfront costs for consumers to buy solar panels

The green collar economy is set to get a boost from a new initiative in Oakland that will partner at-risk young adults with green businesses. On Monday the city of Oakland, with Mayor Ron Dellums, plans to officially launch the Green Collar Jobs Corps program, which, with the help of Foster City, Calif.-based solar installer startup SolarCity, will provide training and employment opportunities for program graduates.

Residential solar installer SolarCity is looking to differentiate itself from the herd of other installers serving homeowners in the West with its SolarGuard 2.0, an upgrade to its online monitoring service, and Canopy, a new panel mounting system. The Foster City, Calif.-based startup showed off the two new features at the Solar Power International Conference in San Diego on Wednesday.

SolarCity, based in Foster City, Calif., has unveiled a new edition of SolarGuard, its graphical, Web-based energy monitoring system.

The San Francisco Examiner writes about the growing clean tech industry in Silicon Valley and specifically in San Mateo County. The article includes San Mateo County companies SolarCity and Tesla Motors.

NBC 11 lists SolarCity as one of the top five companies hiring in the Silicon Valley. SolarCity’s Seth Weissman is interviewed for the segment. In Foster City, a company called Solar City is hiring. The solar power industry is growing by leaps and bounds, so the company, which helps people finance and install solar panels on their homes, is doing well. "This is absolutely the green economy at work," said employee Seth Weissman. He said even though the company has doubled in size, it has 100 new jobs to fill. "Jobs that are in a regular company, or non-green company, exist here, plus that ability to bring your values and passion to the workplace on a regular basis," he said. Then there is the electric car company Tesla, which has been the subject of national news profiles over the last several months. The company, which recently announced plans to build a giant production facility in North San jose, will add 1,000 jobs there.

10/15 KGTV in San Diego reports from the Solar Power International conference. SEPA’s Julia Hamm is in the segment, and discusses SolarCity in her interview

10/15 Greentech Media writes about the CEO panel with SolarCity, First Solar, Duke Energy, and Abengoa Solar that discussed a variety of solar industry topics. Lyndon Rive, CEO and founder of Foster City, Calif.-based SolarCity, said educating consumers about the benefits of tax credits, which will cut the solar energy system cost by 30 percent, will be key in persuading consumers to invest in solar during the economic downturn.

SolarCity, a company that leases solar panels to households, introduced on Wednesday a new version of its SolarGuard software that displays panels' production alongside a home's electricity usage.

Fox Business News interviews Lyndon Rive at Solar Power International. Rive discusses how SolarCity will benefit from the tax credit extensions, and how SolarCity is benefiting despite the current economic situation.

Blog talks about how SolarCity is expanding its territory to more than 300 communities in California, Arizona and Oregon, and setting its sights on solar-powering the whole country. The company is already a national leader in solar power system design, financing, installation and monitoring, and is California’s top residential solar power provider according to records kept by the California Public Utilities Commission. And it offers the first-of-its-kind SolarLease that lets homeowners switch to solar power for less money than they currently pay for electric—with no money down and no installation costs—so that customers start using renewable energy and saving money the day their solar systems are connected. But here’s the kicker: Electricity rates are expected to rise by as much as 20 percent in California next year. Maybe it’s time to take a second look at that tree. www.solarlease.solarcity.com