SolarCity Introduces Solar Lease to Customers of
Nation's Largest Municipal Utility
CULVER CITY, Calif., Jul 27, 2009 -- BUSINESS WIRE
SolarCity(R) today announced the availability of its award-winning solar
leasing option (SolarLease(TM)) to customers of Los Angeles Department of
Water and Power (LADWP), the nation's largest municipal utility. SolarCity's
lease combines with LADWP's generous solar rebates, among the highest of any
U.S. utility, to make solar power as affordable for Los Angeles homeowners
as anywhere in the nation. A SolarCity solar lease of a 4-kilowatt solar
system, appropriate for a typical 3-bedroom home in Los Angeles, would start
at $55 per month, with no money down, on approved credit.
LADWP provides more than 1.4 million customers in the Los Angeles area with
electricity. Erik Solter, a homeowner in Canoga Park in the San Fernando
Valley, is among the first group of LADWP customers to sign up for
SolarLease. "I've always wanted to be greener but I've been waiting for an
option that makes financial sense," says Solter. "With SolarCity's
SolarLease I can adopt solar power for less than I used to pay for
electricity and help LADWP conserve energy."
SolarCity's solar leasing option for LADWP customers is a 20-year lease with
fixed monthly payments for the life of the lease, so savings increase over
time if electricity rates rise. The first month's payment is due when the
system is turned on. SolarCity's lease option includes financing, design,
installation, a performance guarantee, the company's Web-based SolarGuard(TM)
monitoring service, and repair service.
"LADWP and Mayor Villaraigosa are continually working to increase the use of
solar power in Los Angeles," said Lyndon Rive, CEO of SolarCity. "More than
1,000 LADWP customers have already inquired about our solar lease option,
and we're hiring 25 new installers in the Los Angeles area to help meet the
demand."
LADWP customers interested in SolarCity's new lease option can estimate
their solar lease payment and potential electricity savings online by using
SolarCity's solar calculator, available at www.solarcity.com. The solar
calculator incorporates information about LADWP rates, incentives, local
weather and solar production to create a customized estimate for each
customer. Interested LADWP homeowners can also contact the SolarCity
directly at 1-888-SOL-CITY (1-888-765-2489) to speak with a solar advisor.
About SolarCity
SolarCity--a national leader in solar power system design,
financing, installation, monitoring and related services--was founded with
the mission to help millions of homeowners and businesses adopt solar power,
protect themselves from rising electricity costs, and protect their
environment from polluting power sources. The company's SolarLease and Power
Purchase Agreement (PPA) options can make it possible for homeowners and
businesses to switch to clean, solar power for less money than they
currently pay for electricity. SolarCity currently serves 500 communities in
California, Arizona and Oregon. CA CSLB 888104. Additional information about
the company is available on the Web at www.solarcity.com.
SOURCE: SolarCity
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