SOLARCITY: A NEW FINANCING OPTION
WORLD – SolarCity is offering a new solar financing option to allow homeowners to benefit from both low cost, immediate energy savings as well as benefits to the property. SolarCity customers make repayments on their MyPower solar loan and become owners of the solar panels.
According to SolarCity, MyPower is a unique project created to provide lower cost solar energy than the PPAs which are now available in many cities. It is foreseen that customers will pay up to 40% less for solar energy than from the main supply. Unlike other loans, MyPower offers customers the opportunity to benefit from early repayment of their entire balance or part of their solar loan. This measure aims to reduce at any time the amount of customers´ monthly payments, without any fees or penalties.
The MyPower solar loan is offered by third-party banks and municipalities working in partnership with manufacturers and regional solar installers. SolarCity takes the role of direct lender to customers through its subsidiary Solarcity Finance Company. The customer receives a very low fixed annual rate 4% for 30 years. Also, MyPower is a financing option for housing and property which can be transferred at the time of sale of a house.
As with all MyPower solar financing options, Solarcity includes a 30-year warranty and an after-sales service. The offer of MyPower SolarCity is now available to customers in Arizona, California, Colorado, Connecticut, Hawaii, New York and New Jersey. The firm has future plans to expand its product beyond the territory it currently serves.