US solar energy provider SolarCity has launched a new solar loan program into 14 new states across the US, making it possible for consumers to immediately pay less for solar than they do for their traditional electricity bills.
SolarCity announced the move this week, unveiling its new solar loan program into 14 new states. The new solar loan program replaces the company’s MyPower product, which the company pulled earlier this year.
“We can now offer a loan that makes it possible for many customers to pay less for solar from day one, and still receive thousands back in tax credits on top of that,” said SolarCity CEO Lyndon Rive. “This program will allow thousands of additional customers across the U.S. to install solar this year and start saving money immediately, and we expect to work with multiple lenders that will allow us to expand to several new states by the end of the month with the same great terms for our customers.”
The new loan program offers the following features:
- 10-year loan with an annual percentage rate as low as 2.99%
- 20-year loan with an annual percentage rate as low as 4.99%
- Customers can prepay their entire balance or prepay a portion of their loan to lower their monthly payments at any time, with no fees or penalties
- SolarCity’s loans include the industry’s best service package, including a 20-year warranty, production guarantee, and continuous monitoring
- SolarCity provides the industry’s best mounting system and installation aesthetics, and backs up its agreements with the largest in-house service footprint in the industry, with 90 local operations centers
- SolarCity will provide and install a Nest Thermostat at no additional cost for qualifying customers
SolarCity’s new solar loans are available today in Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Mexico, New Jersey, New York, Oregon, Rhode Island,Texas and Washington, D.C. — with new locations expected to be announced in the coming months.
SolarCity needs the goodwill and good business these loans are hoped to provide, in the wake of a less-than-impressive first quarter this year. SolarCity shares plummeted in the wake of its first quarter results, published early May, after the company reported a higher net loss than expected by investors. However, the news hasn’t had any impact on the company’s shares, with investors still wary of the company’s future.