SolarCity announces acquisition of solar energy companyJune 19, 2014
SolarCity purchases Silveo for $200 million
Leading solar energy company SolarCity has announced its acquisition of Silevo, a manufacturer of highly efficient solar panels. SolarCity acquired Silveo for some $200 million and plans to put the company’s technology to use in a facility located in New York. This facility will be responsible for manufacturing new photovoltaic products and is expected to begin operation at some point within the next two years. The technology from Silveo may help SolarCity further solidify its dominance in the solar energy sector.
Solar power continues to gain popularity thanks to leasing programs and innovative technology
Solar power has been growing in popularity at a rapid pace. Consumers and businesses alike are showing more interest in solar power because of its economic potential. Homeowners and large companies are looking to take advantage of the economic benefits of solar energy as this form of clean power can reduce energy costs. SolarCity has managed to accelerate the adoption of solar energy, particularly among homeowners, with its leasing programs.
SolarCity to incorporate Silveo technology in coming years
As solar power continues to gain momentum, the demand for SolarCity’s products is beginning to grow. In order to accommodate this demand, the company must take steps to boost its supply. The acquisition of Silveo is the first step toward such an endeavor. Silveo caught SolarCity’s eye due to its manufacturing success and use of innovative technology. The company has won acclaim for its creation of crustalline-amorphous solar cells, allowing photovoltaic systems to be more temperature tolerant and efficient. Silveo’s solar panels currently boast of an energy efficiency of 21%.
Awareness of solar leasing programs is making solar power more attractive to consumers
SolarCity will be introducing Silveo’s technology to its products in the coming years. This technology may make SolarCity a more attractive option to homeowners and businesses. The company’s popularity is expected to grow as its leasing programs gain more attention. Currently, many homeowners are not aware of solar leasing programs, which allow them to adopt solar energy without having to deal with the upfront costs associated with the acquisition and installation of solar products.