|Traded as||NASDAQ: SCTY|
|Lyndon Rive, CEO
Peter Rive, CTO
Elon Musk, Chairman
Number of employees
SolarCity is an American provider of energy services, headquartered in San Mateo, California. Among its primary services, the company designs, finances, and installs solar power systems. The company has over 13,000 employees.
SolarCity has grown to meet the rapidly growing installation of solar photovoltaic systems in the United States. The overall U.S. market has grown from 440 megawatts (MW) of solar panels installed in 2009 to 6,200 MW installed in 2014. SolarCity has diversified in 2014 and 2015, with the aim of lowering costs and boosting sales. Paramount Solar was purchased for $120 million in 2013.
- 1 History
- 2 Locations
- 3 Products, services and technologies
- 4 Litigation
- 5 Project financing and the Google Fund
- 6 Manufacturing
- 7 See also
- 8 References
- 9 External links
SolarCity was founded in July 2006 by brothers Peter and Lyndon Rive, based on a suggestion for a solar company concept by their cousin, Elon Musk, who is the chairman and helped start the company. SolarCity has been the leading provider of residential solar power in California since 2007, its first full year of operation, according to the database kept by the California Solar Initiative and was the number one residential solar installer in the U.S. in 2013, according to GTM Research. In 2013, Solar Power World magazine listed SolarCity as the No. 2 overall solar installation company in the U.S.
In October 2014, SolarCity announced it would be offering up to $200 million in solar bonds to launch a new online website to buy the debt, the first registered public offering of such bonds in the United States.
Products, services and technologies
In 2008, SolarCity entered the solar leasing market with a new solar lease option for homeowners. SolarCity's solar lease can allow some homeowners, by adopting solar power, to pay less each month than they previously paid for electricity from the utility company.
In May 2008, the company completed what was, at the time, the largest commercial solar installation in San Jose on the North Campus of eBay. That July, SolarCity completed what was then the largest commercial solar installation in San Francisco, for British Motor Car Distributors, consisting of 1,606 solar photovoltaic panels. SolarCity introduced new financing options for businesses in 2009 and has built multiple solar projects for other large organizations including Walmart, Intel, and the U.S. military. On March 21, 2013 SolarCity announced that it would open a new location in Nevada in cooperation with state government.
Electric vehicle chargers
SolarCity entered the electric car charging business by buying the SolSource Energy business of Clean Fuel Connections, Inc., which was reported to be finalized in 2009 and has also announced a partnership with Rabobank to make electric car charging available for free to owners of Tesla Motors' vehicles traveling on U.S. Route 101 in California between San Francisco and Los Angeles. Other cars that can make use of the same charging technology are welcome. In 2011, the company announced it would install electric car chargers that could charge a wide range of EVs in all of its service territories.
Energy efficiency evaluations and retrofits
In 2010, SolarCity acquired Building Solutions, a home energy audit firm, and began to offer energy efficiency evaluations and upgrades. SolarCity worked with Admiral's Bank of Boston in March 2012 to make a new loan available to finance energy efficiency improvements and expanded its energy efficiency services to the east coast.
SolarStrong is SolarCity's five-year plan to build more than $1 billion in solar photovoltaic projects for privatized military housing communities across the United States, announced in late 2011. SolarCity plans to work with the country's leading privatized military housing developers to install, own and operate rooftop solar installations and provide solar electricity at a lower cost than utility power. SolarStrong is ultimately expected to create up to 300 megawatts of solar generation capacity that could provide power to as many as 120,000 military housing units, which would make it the largest residential photovoltaic project in American history if completed. In November 2011, SolarCity and Bank of America Merrill Lynch announced that they have agreed to terms on initial debt financing for SolarStrong.
Tesla Motors and Panasonic will open a battery factory in Nevada in 2017, and plan to make a battery storage device called Powerwall that stores solar power for use as a battery backup. The device will be sold to companies including SolarCity. SolarCity is running a pilot project in 500 California houses, using 10-kilowatt-hour battery packs.
SolarCity provides technologies for mounting solar panels on rooftops developed by Zep Solar, which it acquired in 2013. Zep is best known for inventing a system that allows PV installers to "snap together" panels on the roof more quickly than other installation approaches to shorten installation time. Zep Solar's technology eliminates the need for mounting rails on many roof types.
Solar City has sued Salt River Project, an electric utility, for violation of the Sherman Antitrust Act. This is in response to Salt River imposing a peak demand based charge on residential customers who also have solar panels.
Project financing and the Google Fund
SolarCity partners with banks, large corporations, and the asset-backed market to create project finance funds to finance its lease and PPA (Power Purchase Agreement) options. SolarCity's financing partners have included Bank of America, Merrill Lynch, Citi, Morgan Stanley, National Bank of Arizona and U.S. Bancorp, among others.[full citation needed] Among SolarCity's more well-known financing partnerships was a $280 million fund created with Google to finance residential solar installations in June 2011. The Google Fund was the largest fund of its kind in the U.S., and Google's largest investment in clean energy.
Recently, securitization has been proposed and used to accelerate development of solar photovoltaic projects by providing access to capital. SolarCity offered the first U.S. asset-backed security in the solar industry in 2013.
In June 2014, SolarCity announced plans to build a new manufacturing facility in Buffalo, New York, in coordination with the SUNY Polytechnic Institute after acquiring Silevo, a maker of high-efficiency solar modules. With a planned capacity of one gigawatt of solar panels annually, the new plant would be the largest solar plant in the U.S. and would compete head-to-head with Chinese manufacturers. Groundbreaking for the project occurred in September 2014 with a target completion date of early 2016.
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- "solarcity.com". Retrieved December 15, 2015.
- "Solar Industry Data; Solar Industry Breaks 20 GW Barrier - Grows 34% Over 2013". SEAI Research & Resources. Solar Energy Industries Association. 2015. Retrieved 29 June 2015.
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- "The Alliance for Solar Choice - About Us". TASC. Retrieved 2015-03-10.
- Solarcity Time Magazine, April 17, 2008.
- Newsmaker: Elon Musk on rockets, sports cars, and solar power, news.cnet.com, Michael Kanellos, February 15, 2008.
- Is the SolarCity Model the Only Way to Scale Residential Solar?, greentechmedia.com, Nicole Litvak, March 31, 2014.
- "2013 Top 250 Solar Contractors". Solar Power World. Retrieved 19 April 2015.
- SolarCity offers $200 million solar bonds in first public offering. Reuters, 16 October 2014
- "Solar power for less than your cable bill | Environment Forum". Blogs.reuters.com. 2008-04-24. Retrieved 2011-10-15.
- Earnest, John (2008-09-27). "Leasing a solar-power system". SignOnSanDiego.com. Retrieved 2011-10-15.
- Sistek, Hanna (2008-07-18). "SolarCity provides SF power below grid price | Green Tech - CNET News". News.cnet.com. Retrieved 2011-10-15.
- "Solar Panel Installation, Commercial British Motors". SolarCity.
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- "SolarCity increases the scope of its PPA Program; Gartner expects commercial solar PPA market to account for 26 % of the solar PPA market in 2009". solarserver.com. solarserver.com. Archived from the original on 2 April 2013. Retrieved 19 April 2015.
- Francisco, San (2011-09-21). "SolarCity to put solar on 60 more California Wal-Mart stores".
- "SolarCity to install solar panel & battery combo for Walmarts". Gigaom.com. Aug 7, 2012.
- "Intel To Install 6 Acre Solar Installation in CA | Solar Energy". solarenergy.net. Retrieved 2014-03-15.
- "Sun helps power new Davis-Monthan homes". airforcetimes.com. Retrieved 2014-03-15.
- "SolarCity Corp : SolarCity to Expand to Nevada | 4-Traders". 4-traders.com. Retrieved 2014-03-15.
- "SolarCity Installs Electric Car Chargers Along Cal Highway : Greentech Media". greentechmedia.com. Retrieved 2014-03-15.
- "SolarCity Installs Electric Car Chargers Along Cal Highway". Greentech Media. 2009-09-22. Retrieved 2011-10-15.
- VentureBeat. "Solar-leasing startup SolarCity sells subsidized electric car chargers."
- CNET. "SolarCity to offer solar-powered EV chargers."
- "Solar City Adds Energy Efficiency to Solar Finance, Design and Monitoring". Greentech Media. 2010-10-14. Retrieved 2011-10-15.
- "SolarCity Charges Into Home Efficiency With Admirals Bank : Greentech Media". greentechmedia.com. Retrieved 2014-03-15.
- "How SolarCity Makes Energy Efficiency Easy". Time. 2012-03-28.
- Cardwell, Diane (2011-11-30). "SolarCity Wins Financing for Military Housing Plan". The New York Times.
- "SolarCity and Bank of America Merrill Lynch Move Forward With Project SolarStrong, Expected to Build More Than $1 Billion in Solar Projects". Marketwatch. 30 November 2011.
- "Tesla charges into home battery market despite challenges". Associated Press. 1 May 2015.
- "Tesla Energy is Elon Musk's battery system that can power homes, businesses, and the world". The Verge. 1 May 2015.
- "Why Tesla's battery for your home should terrify utilities". The Verge. 13 February 2015.
- "Solar City Announces Power Wall". SolarCity. 7 July 2015.
- Randazzo, Ryan (March 3, 2015). "SolarCity sues SRP for antitrust violations". The Arizona Republic.
- SolarCity Announces Proposed Securitization Company press release, 4 November 2013
- "10_SolarCity | Fast Company | Business + Innovation". fastcompany.com. Retrieved 2014-03-15.
- "Google invests $280 million in SolarCity". CNN. 2011-06-14.
- T. Alafita and J.M. Pearce, "Securitization of residential solar photovoltaic assets: Costs, risks and uncertainty", Energy Policy, 67, pp. 488–498 (2014). DOI: http://dx.doi.org/10.1016/j.enpol.2013.12.045 open access
- Lowder, T., & Mendelsohn, M. (2013). The Potential of Securitization in Solar PV Finance.
- Wang, Ucilia (21 November 2013). "Done Deal: The First Securitization Of Rooftop Solar Assets". Forbes.
- Gold, Russel (17 June 2014). "SolarCity Buys Silevo, a Module Maker". Wall Street Journal. Retrieved 2014-06-19.
- "SolarCity investing $5B in Buffalo, creating 3,000 jobs". 23 September 2014. Retrieved 2014-09-24.
- "Despite Risks, Cuomo Bets on Solar Power to Lift Buffalo". 25 October 2015. Retrieved 2015-10-27.
- "Governor Cuomo Celebrates "Topping Off" of SolarCity Gigafactory". August 4, 2015. Retrieved 2015-10-27.
|Wikimedia Commons has media related to SolarCity.|
- Official SolarCity website
- SolarCity Supplies 2.7 MW of Energy
- Going solar as a neighborhood group can make installation more affordable
- Paramount Energy Solutions is a SolarCity certified partner.