Business

SolarCity to Finance Rooftop Panels in Shift From Leasing

 In this June 18, 2010, file photo, U.S. Senator Michael Bennet, D-Colo., center, helps as Solar City employees Jarret Esposito, left, and Jake Torwatzky, right, install a solar panel on a home in south Denver. The solar panel installer SolarCity said Wednesday, Jan. 15, 2014, it will launch an investment platform that will allow individuals and others to invest in rooftop solar systems directly with SolarCity. (AP Photo/Ed Andrieski, File)
In this June 18, 2010, file photo, U.S. Senator Michael Bennet, D-Colo., center, helps as Solar City employees Jarret Esposito, left, and Jake Torwatzky, right, install a solar panel on a home in south Denver. The solar panel installer SolarCity said Wednesday, Jan. 15, 2014, it will launch an investment platform that will allow individuals and others to invest in rooftop solar systems directly with SolarCity. (AP Photo/Ed Andrieski, File)

(Bloomberg) – SolarCity Corp. (SCTY) will offer loans for rooftop solar power systems in a bid to reach consumers who want to own the panels rather than lease them or pay cash.

No-money-down leases helped SolarCity become the largest U.S. supplier of rooftop solar power. Today it will begin offering 30-year loans in eight states including New York and New Jersey that are repaid through borrowers’ power bills, the San Mateo, California-based company said today in a statement.

Loans may offer a better deal for consumers than leases, said Chief Executive Officer Lyndon Rive. Under SolarCity’s current model, the company owns the equipment and the customers make monthly payments for power, an arrangement typically called a power purchase agreement or PPA.

“Once consumers understand it, they should prefer this product over a PPA,” Rive said in an interview yesterday. He estimates these types of loans will make up half the company’s business by mid-2015. “The total savings is greater than with a PPA.”

READ MORE

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker