SolarCity Corp (NASDAQ:SCTY) hit around 280MW of PV installations in 2013 and has plans to top 500MW in 2014. The company is pushing towards installing as much PV as possible before the U.S. tax equity incentives are reduced in 2017. SolarCity hit its 100,000th customers in March 2014 and the guided residential booking is expected to surpass 100MW in Q1 2014.
SolarCity Corp (NASDAQ:SCTY) has established a partnership with Best Buy to show homeowners how they can go solar. SolarCity placed representatives in 35 California Best Buy stores. The program includes around 15 Best Buy stores in Arizona, Oregon, New York and Hawaii. SolarCity employees will allow shoppers to make estimates on the spot about how much electricity savings they could see if solar panels are installed and what it would look like.
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SolarCity Corp (NASDAQ:SCTY) continues to expand their operations by launching a new operations center in Delaware. SolarCity is expecting to hire around 12 people at the location in Delaware over the next few months. SolarCity previously had limited service in Maryland and New Jersey, but now the new location will be able to better service Delaware and the entire eastern shore of Maryland.
SolarCity Corp (SCTY) acquires Common Assets for individuals and small businesses to invest in solar panels
SolarCity Corp (NASDAQ:SCTY) has acquired Common Assets, a company that has developed software that allows individuals and small businesses to invest in solar panel projects. Generally, large banks and institutional investors were the only ones that could invest in solar project funds. SolarCity is responsible for around a third of all new solar panel projects being built on home rooftops in the U.S.
According to Green Tech Media, SolarCity Corp (NASDAQ:SCTY) has installed four times more solar than their nearest competitor last year. SolarCity was able to widen their lead over competitors and increased their U.S. market share to 32% during 2013.
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SolarCity Corp (NASDAQ:SCTY) has announced that they have increased the size of their Corporate Revolver to $200 million. The three-year credit facility bears interest of 2.25% over Base Rate or 3.25% over LIBOR. Bank of America Merrill Lynch is the Sole Lead Arranger and Sole Bookrunner with five participating lenders. SolarCity will be using the expanded credit facility to fund their growth. SolarCity has a goal of passing 1 million customers by 2018.
As part of an effort to develop a solution to cut the special power fees associated with periods of highest demand, SolarCity is partnering with Tesla Motors on a new battery system. The batteries are about the size of a small fridge and the software can control when a building’s operations run on power from the solar array. The battery system is called DemandLogic and it will allow businesses to store electricity at times of highest demand.
There is no double that Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk is a creative genius. On top of selling PayPal for billions of dollars to eBay, he is also the CEO of SpaceX and Tesla Motors. When he is not working at the his automotive and aeronautics company, he is coming up with ambitious transportation ideas like the Hyperloop and chairs solar energy company SolarCity.