SolarCity's unveils program to help small businesses go solar
SolarCity Corp said on Tuesday it was introducing a new service that would make it easier for small and medium-sized businesses to go solar and pay less for electricity.
SolarCity Chief Executive Lyndon Rive said in an interview that the new offering targets a market segment that has been neglected by solar installers over the last few years.
To make it affordable for these businesses, SolarCity will use its employees to install solar panels rather than outsourcing the work to third parties. It will also use a new lightweight panel mounting system that is faster to install, it said in a statement.
The company said it will use a financing program that allows a business to pay for solar power on its property tax bill. The Property Assessed Clean Energy (PACE) program has been growing in popularity, and California recently began allowing businesses to use it to finance leased solar systems.
Under the program, businesses will pay 5 to 25 percent less for solar than for power from their local utility, SolarCity said.
SolarCity will partner with Renew Financial, a venture capital-backed provider of PACE financing.
The program will start in California and expand to the East Coast next year. (Reporting by Nichola Groom; Editing by Richard Chang),
Originally published in Reuters.