SolarCity Drives Solar Affordability In The US With New Funding Approach
Just saw this article from Cleantechnica.com on something interesting SolarCity is doing in the US (it seems to resemble some of the principles we are using for PayG here), and then found this great image of a commercial installation they did for Walmart and had to post it for its inspirational value. Here's some explanation of what their program is about:
This program is based on the idea of allowing customers to pay for “MyPower” in a similar way to the way that a solar power purchase agreement (PPA) is paid for — that is to say, based on the amount of power that the system produces via the sun. Importantly, of course, in this case ownership is retained.
The MyPower program/product has so far shown itself to be a success — with over ~8,000 customers having signed up so far, just ~3 months after MyPower’s introduction (back in October).
“MyPower is America’s most affordable solar loan, with a lower cost than PPAs in many locations,” stated Brad Buss, SolarCity’s chief financial officer. “The new facility is the first of its kind, and offers the lowest interest rate of any solar financing facility we’ve seen. We expect it to be the first of a large array of financing we create this year to support MyPower’s growth.”