• On TechRepublic: 10 lame phrases to cut from your resume
June 3, 2009 8:54 AM PDT

SolarCity expands solar panel leasing

by Martin LaMonica
  • Font size
  • Print
  • 4 comments

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.

Martin LaMonica is a senior writer for CNET's Green Tech blog. He started at CNET News in 2002, covering IT and Web development. Before that, he was executive editor at IT publication InfoWorld. E-mail Martin.
Recent posts from Green Tech
Nissan says all-electric Leaf will compete on price
Wary green-tech venture investors shift gears
Start-up compresses air in tanks for energy storage
DOE technologist handicaps impact of carbon price
Start-ups partner on universal wireless charger
U.S. Army orders bridges made of recycled plastic
Powering cell phone towers with wind
Flywheels to buffer 20 megawatts on grid
Add a Comment (Log in or register) (4 Comments)
  • prev
  • 1
  • next
by sartor1 June 3, 2009 9:33 AM PDT
Another great reason to live in CA!
(Bah! I live in MI!)
Reply to this comment
by Joe Real June 3, 2009 11:44 AM PDT
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.
Reply to this comment
by gibgnabtheory June 3, 2009 6:48 PM PDT
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.
Reply to this comment
by mherzfeld June 20, 2009 6:34 AM PDT
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.
Reply to this comment
(4 Comments)
  • prev
  • 1
  • next
advertisement

A CNET Conversation with Eric Schmidt

CNET's Tom Krazit and Molly Wood sit down with Google CEO Eric Schmidt to discuss the future of Android, the Chrome OS, the problem of real-time search indexing, and more.

Verizon tests sending RIAA copyright notices

The No. 2 phone company, known for its reluctance to intervene in antipiracy cases, strikes an agreement to forward copyright notices on behalf of the music industry.

About Green Tech

Innovation in energy and environmental technologies is long overdue, in business and at home. Green-tech guru Martin LaMonica and other CNET writers serve up fresh clean-tech news and commentary.

Add this feed to your online news reader

Green Tech topics

advertisement
advertisement
Click Here

Inside CNET News

Scroll Left Scroll Right