If you think MyPower is awesome, you are in for a bigger treat. SolarCity, which is currently the largest provider of solar power systems in the United States (more than 1 in every 3 new systems), has opened the gates to the public to generate clean money through its solar bonds.
SolarCity would be issuing $200 million in solar bonds to start with. Tim Newell (VP Financial Products, SolarCity) was quoted as saying that this is the first of fairly continuous offerings and the company expects to have other financial products on offer. While this would be a first-of-its-kind public offering, prior to this, the company had made three private placements of solar bonds (last year).
As opposed to conventional investment products, the bonds offer a simple way for individuals to earn attractive returns from investments in clean energy and at the same time generate clean jobs in America! What more could you want from a single scheme? The solar bonds will pay through the income received from a diversified pool of monthly solar payments coming in from rooftop owners of all sizes across the country.
A new website has been launched to make the solar bonds available directly to the public. All US citizens are eligible to participate — however, residents of Florida can only apply through a broker. Investors can purchase the bonds for as low as $1000. Interest rates of up to 4% are available on maturities ranging from 1 year to 7 years. No fees are being charged for the issuance of the bonds.
As per information available in its press release, SolarCity has created funds to finance the installation of approximately $5 billion in renewable energy assets with investments from a number of the world’s leading financial institutions and corporations. The success of the bonds will be a litmus test of solar power’s popularity as an accepted investment opportunity.
Image Credit: SolarCity Truck via BrokenSphere | Some Rights Reserved
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