SolarCity launches new financing option to support solar energy adoptionOctober 10, 2014
SolarCity introduces the MyPower financing option, which is the first of its kind in the US
SolarCity has launched a first-of-its-kind financing option that seeks to further reduce the costs associated with home-based solar energy systems. The company has made major strides in reducing the cost of rooftop solar power installations, making them more accessible to a wider range of consumers. The company’s new financing option is called “MyPower” and allows consumers to pay their solar loan in a way that is similar to payments made for a power purchase agreement.
MyPower works in a similar manner to conventional power purchase agreements
Power purchase agreements are somewhat common between governments and energy developers. In a conventional power purchase agreement, payment is made for how much electrical power an energy system produces. If the system produces little electrical power, payments are quite small. Through the agreement with SolarCity, those with solar energy systems installed on their property will maintain ownership of these systems while only having to pay the company for the electrical power they generate.
New financing option may be the most affordable initiative in the US
SolarCity suggests that its new financing option represents the most affordable solar loan in the U.S. The demand for clean energy among homeowners has been on the rise in recent years as more people look for ways to break ties with traditional utilities. The high cost of photovoltaic technology, as well as their installation, has kept many homeowners from embracing solar energy in any significant way. SolarCity has been instrumental in lowering these costs, making solar power a more financially viable option for homeowners.
SolarCity plans to expand the availability of MyPower in the coming years
The MyPower option may help boost the adoption of solar power among homeowners throughout the country. This financing option is currently available in a limited number of states, including New York, Arizona, California, and New Jersey. SolarCity plans to expand the availability of MyPower in the coming years, but expansion may be heavily based on the overall popularity of the initiative and consumer’s continued interest in solar power.