SolarCity expands solar panel leasing

SolarCity said it has the funds to further finance its solar-panel leasing offering.

The Foster City, Calif.-based company on Wednesday said it has secured tax equity funding through U.S. Bancorp Community Development Corporation, the second fund created with the U.S. Bancorp division.

First Solar panels installed by SolarCity in Berkeley Hills, Calif.

(Credit: SolarCity)

SolarCity is one of a handful of companies that offer financing options for homeowners and businesses to install solar electric panels.

Rather than pay the large upfront cost of solar, consumers pay a monthly fee and can anticipate lower monthly electricity bills. In some cases, the solar installer owns the panels and the consumer leases the panels for 20 years.

SolarCity now offers its financing option in California, Oregon, and Arizona. With the fund, the company plans to hire another 100 employees over the next six months.

The solar industry overall has been hit hard by a dearth of tax equity funds to finance solar projects. Because corporate profits have dipped, fewer banks are able to create a fund based on tax credits, which is how renewable energy projects in the U.S. have traditionally been subsidized.

SolarCity said its two tax equity funds were the only ones created this year to finance residential solar.

[sartor1]

Another great reason to live in CA!
(Bah! I live in MI!)

[Joe Real]

Solar Panel Leasing doesn't make sense when the prices of Solar PV are poised to drop. You would be a lot better off to wait a couple more years and have your own solar PV rather than be tied up with a bad contract for 20 or more years.

[gibgnabtheory]

That is not true. Financing, leasing, owning - the technology on solar PV is pretty good now. Reducing your electricity bill and basically financing the purchase or lease through renewable solar energy.

To get a good estimate (free) you can log into this site: http//:www.sungevity.com. They have a nifty little widget that allows you to combine Google Earth view of your roof with complex calculations of average sunlight, angle of the roof, azimuth best needed, and square footage available for solar system installation. It is free.

Calculate your investment ROI, get free installation quote and home solar system advice from professionals.

[mherzfeld]

There are various options for mounting besides only the roof. For instance, awnings, deck, pergolas and canopies may be considered where the roof may not be a viable option. If on the roof, guidelines for access pathways - hip or gable roofs and with valleys - would be calculated into the available roof area. Or, for small and large commercial use walkways.

In addition to parking lot structures, rural communities may consider use for ground and pole mounted arrays. Depending on the situation, the area available on the ground may be substantial and the array may be mounted a distance from the main structure or point of connection. For ground structures, it's likely preferred azimuth and tilt angle may be fixed.

Calculations may be simplified with the use and the purchase of a solar shading analysis tool and would also provide a learning experience for some.