Clean Power

Published on June 3rd, 2016 | by Joshua S Hill

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SolarCity Launches Solar Loan Program In 14 US States

June 3rd, 2016 by  

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.


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About the Author

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.



  • A A

    Is it really fair to say that SolarCity has the “industry’s best service service package” and “industry’s best mounting system and building aesthetics”?
    A 20 year service package would be better judged after some time after the installation….
    If the information was copied from their site, the selling points should be removed to not promote their claims… Please present unbiased info or name your sponsors…
    Did I miss the vote or registration?

  • neroden

    SolarCity still hasn’t found its business model. They seem to be throwing business models at the wall to see what sticks.

    This isn’t necessarily a bad thing. This is also what Amazon did. But it’s kind of risky.

  • Brooks Bridges

    Mr Hill, I’m an atheist and also a nerd and geek and more.

    Looks like reality is finally sinking in for SolarCity. Wondered how long they could pull off the PPA thing.

  • Marion Meads

    Wow the rates are low, but there must be a catch somewhere, aside from the horrendous price of SolarCity’s solar PV system that are among the most expensive in the entire US and the world, the fine print… what’s the cost of the loan origination and other fees not shown in this article?

    • Kraylin

      I suspect you already hit on the catch, solarcity price for the system itself is among the most expensive in the industry. The interest rates are simply a reflection of the ultra low rates in the market today.

    • Roger Lambert

      Also, it would be interesting to know if it is SolarCity that walks away with the Renewable Energy Credits, and who they are selling them to.

      • jeffhre

        “and still receive thousands back in tax credits on top of that,”

        I suspect that would mean there is at least an option, which allows borrowers to keep the tax credit.

        • Roger Lambert

          I don’t think that Renewable energy credits are tax credits, but I am NO expert.

          • jeffhre

            Yes, I was only referring to the tax credits, apologies.

    • ElectricGuy

      My 10kW system was quoted by vendors that offered 1.99%, 12 year financing. The catch was $7K in interest rate buydown. I opted for my own financing. Similar payments, I keep the tax credit and always owe less.

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