Reporting on its financial results for the first fiscal quarter of 2014, SolarCity announced Monday that it had added their largest quarterly gain in customers, 17,664, pushing their total customers up to over 110,000.
SolarCity remain confident that they remain “firmly on track” to meet their one million customer target by mid-2018.
Amidst the many announcements in the company’s press release was note that the company achieved the high-end of guidance for both megawatts deployed as well as Operating Lease and Solar Energy Systems Incentive Revenue, as well as hitting a new quarterly record of 136 MW booked, up 34% as compared to 2013’Q4.
SolarCity proud themselves on “disrupting the century-old energy industry” by providing solar capacity directly to homeowners, businesses, and government organisations “for less than they spend on utility bills.”
Given the long-term nature of SolarCity contracts — which they estimate as being typically 20-years — the company rely on Estimated Nominal Contracted Payments as well as Retained Value, both of which saw increases. The company’s Operating Lease and Solar Energy Systems Incentive Revenue was up as well, growing by 93% from the same quarter 2013, from $15.1 million to $29.1 million.
There have been a rash of SolarCity stories over the past few years, highlighting their furious growth.
The beginning of 2014 saw incredible reports of growth throughout 2013, including this announcement from GTM Research which stated that SolarCity had taken 32% of US residential PV for the third quarter of 2013, with four times the market share of its closest rival.
A couple of months later SolarCity upped-the-ante for their competitors, announcing a partnership with Best Buy to set up shop in over 60 stores across the US. Staffed by SolarCity employees able to determine if your house is viable for solar, the in-store kiosks allow even better access to one of the fastest-growing renewable energy technologies available.
SolarCity expect their growth to continue through the second quarter of 2014, and well into 2015, increasing their confidence and subsequently their 2014-guidance to 500-550 MW deployed, up from prior guidance of between 475 – 525 MW. While that may sound an impressive growth, the company’s expectations for 2015 eclipse that, with guidance suggesting between 900 and 1,000 MW deployed for the year, which would represent a growth of 81% year-over-year at the midpoint.
If their own guidance is to be believed — which includes revenues in the seven-figures — SolarCity is definitely going to be upsetting the traditional energy balance in the US, and causing entrenched energy utilities a lot of headaches.
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