SolarCity

SolarStrong, a project to install rooftop solar panels at 120,000 military homes, will see the light of day after nearly being derailed by political infighting in Washington.

Solar installer SolarCity today said it has secured the financing needed to install about 300 megawatts' worth of solar panels at homes on military bases. The company and the project lender, Bank of America's Merrill Lynch, expect this to be the largest distributed solar-energy project to date, requiring $1 billion in financing over the next five years.

The project calls for installing solar panels at the homes of military personnel at … Read more

SolarCity said today that the Department of Energy has not been able to finalize a loan guarantee for a project to install rooftop solar panels on military bases, blaming the political furor caused by bankrupt solar company Solyndra.

Earlier this month, the Department of Energy announced a $344 million conditional loan guarantee agreement with SolarCity to install solar photovoltaic panels at Department of Defense bases in 33 states. The distributed solar project, called SolarStrong, would have doubled the number of residential solar installations in the U.S. and would have been the largest rooftop solar project.

The DOE told SolarCity … Read more

The Department of Energy today backed a deal to connect solar electric panels at 160,000 locations on military bases, a move which could double the number of residential solar installations in the U.S.

The DOE said it has provided a conditional commitment to guarantee a $344 million loan for the SolarStrong Project, which will help the military meet its renewable energy targets and bring solar power to a many states which now have little.

SolarCity, which specializes in residential solar installation and financing, has been tapped to install, own, and operate the panels in up to 124 military … Read more

SolarCity said today that it will begin to offer installation services for solar-powered EV chargers compatible with any electric vehicle currently on the market.

To do so, the company is partnering with EV charger manufacturer ClipperCreek, which will supply chargers that use the standard SAE-J1772 charge cable.

Installation of a 240-volt Level II charger, which typically charges an EV battery to full capacity in about four hours, for a home or business will start at $1,500 including the price of the charger, according to SolarCity.

SolarCity said the offer is not just an add-on for customers who have the … Read more

Continuing a string of clean-energy investments, Google said today that it will invest $280 million to fund residential solar installations through partner SolarCity.

The investment is the largest Google has made in clean energy, bringing the total amount of money it has put into renewable energy to $680 million, Google's director of green business operations Rick Needham said in a company blog today.

Google will create a $280 million fund which SolarCity will use to finance the installation of residential solar photovoltaic arrays using a model that greatly lowers or eliminates the upfront cost of solar.

In addition to installing solar panels, SolarCity offers the option to lease the panels, rather than buy them. Instead SolarCity owns and maintains the panels and benefits from the state and federal tax credits for solar. Homeowners pay a monthly fee but their net monthly electricity bills go down.

SolarCity makes the solar financing model, which is being pursued by more companies, available in 10 states in the west and northeast. The San Francisco-based company has raised similar funds from banks and utilities to finance residential installations. … Read more

SolarCity said today that it has acquired the residential solar business from GroSolar, giving it presence in four states in the eastern U.S.

Through the move, SolarCity will offer its solar panel leasing program to homeowners in New Jersey, New York, Massachusetts, and Pennsylvania starting March 1, said SolarCity CEO Lyndon Rive.

Financial terms for the cash deal were not disclosed. GroSolar will continue to operate its distribution business and installation for commercial customers.

The deal adds about 55 people to SolarCity, giving it about 1,100 employees. It now works in 10 states, including California, Arizona, Colorado, and … Read more

CAMBRIDGE, Mass.--SolarCity is a cross between a solar installer and software company, which will give the company an edge as solar leases become commonplace, according to CEO Lyndon Rive.

The San Francisco-based start-up is one of the pioneers in offering financing for residential solar power, which eliminates the hefty upfront cost of photovoltaic panels. The model has served SolarCity well, which has grown rapidly in the past three years and could go public within two years, Rive said.

Consumers can lease panels from SolarCity, which owns and maintains them for 20 years. Through the arrangement, customers' monthly electricity bills … Read more

Solar installer SolarCity on Wednesday said it has acquired Building Solutions, a move which will allow it to combine home energy-efficiency services with solar.

SolarCity, based in Foster City, Calif., has grown rapidly over the past few years by offering financing options which lower the upfront cost of solar electric panels.

By buying a residential home efficiency company, privately held SolarCity hopes it can ramp up the business by offering more services and financing options, said Peter Rive, the company's chief operating officer. "We're going to be talking to customers about utility bill savings, some from energy … Read more

A bank chain in California will combine PV and EV--that is, an electric-vehicle charging station equipped with solar-photovoltaic panels.

Solar installer SolarCity and Rabobank on Tuesday unveiled the charge point at a bank branch in Santa Maria, Calif.

The bank, which plans to build a network of four charging stations from Los Angeles to San Francisco, is considering putting solar panels on the buildings, according to Lyndon Rive, CEO of SolarCity, which installs and provides financing for solar panels. The company owns the panels at the Santa Maria location and sells the electricity they generate to the bank.

Because charge … Read more