Solar Love
  • Rooftop Solar
    • Energy Storage
  • Solar Panels
  • Policy
  • Research
    • Science
    • Market Research
    • Solar Perceptions & Polls

Solar Love

  • Rooftop Solar
    • Energy Storage
  • Solar Panels
  • Policy
  • Research
    • Science
    • Market Research
    • Solar Perceptions & Polls
Going SolarPVRooftop SolarSolar $

SolarCity Expanding Into New Mexico

by Steve Hanley March 8, 2015
written by Steve Hanley March 8, 2015
SolarCity Expanding Into New Mexico

SolarCity announced this week that it is expanding its operations into New Mexico. It is proposing to transform the market for electrical energy in the state with a program that allows customers to sign up for solar power with no money down. It anticipates that the cost of its solar power will be 15% to 20% less than electricity from traditional sources. Some call the plan “solar power for the masses.”

A roof top solar installation https://solarlove.orgSolarCity finances, designs, installs and maintains residential and commercial solar systems. The company will offer New Mexico homeowners 30-year loans at 4.5% interest, financed by Credit Suisse through a program called MyPower. “The reason the service has been so popular is we address the biggest barrier to solar, which is the upfront cost,” said Jonathan Bass, a SolarCity spokesman. “This way, there’s no out-of-pocket costs.”

The loan is based on a person’s credit rating. The minimum credit score required to secure a loan is 650, and the monthly payment is based on the amount of solar energy the customer’s system produces. The solar installation itself is the collateral for the loan. No lien is placed against the home. The customer can pay off the loan early with no penalties and if the home is sold, the solar loan agreement can be transferred to the new buyer or incorporated into the home’s sale price.

Regina Wheeler, CEO of Positive Energy, a solar design and installation company based in Santa Fe, said she’s excited about SolarCity’s arrival. “We know that when they come to town, they tend to double the market for solar.” SolarCity can also be a powerful ally for promoting solar policies at the state level, Wheeler said. “We’re really happy to have additional support for distributed generation,” she said.

That last part could be important. The existing utility companies in New Mexico are proposing a surcharge of up to $100 a month on home solar installations, claiming solar customers do not pay their fair share to help maintain the existing grid infrastructure. SolarCity’s Bass says, “There is no solar or technical basis for the claim that solar customers don’t pay their fair share for electricity. We’re happy to have that debate.” SolarCity has already filed an antitrust suit in federal court for instituting just such a surcharge.

The chairman of SolarCity is Elon Musk, who has shown many times he enjoys disrupting entrenched interests and challenging existing authorities. Things in New Mexico could get interesting soon. SolarCity began taking applications from residential customers on March 4, 2015.

Related Stories:

SolarCity & DIRECTV Partnering To Bring Solar Systems To New Homeowners

SolarCity & Vivint Take Top Spots In US Residential Solar Installers Of 2014

SolarCity Bringing “Full Net Metering” To Texas (This Is Big)

SolarCity Now Operating In Reno, Sparks, & Carson City, Nevada

Source: Santa Fe New Mexican 

Credit SuisseCredit Suisse MyPower loan programNew Mexicono money down residential solar systemsresidential solar in New MexicoSolarCity
0 comment
0
FacebookTwitterPinterest
Steve Hanley

writes about the interface between technology and sustainability from his home in Rhode Island. You can follow him on Google + and on Twitter.

previous post
GRID Alternatives Brings Solar Power To More Families
next post
Solar Power Installers Are In Demand

You may also like

India’s NTPC Offers Solar Project Management Services To...

June 9, 2019

Neighborhood Power Installing 10 Megawatt Solar Bifacial+Tracker Project...

November 20, 2018

EDF Renewables Commissions 110 Megawatts Of Solar In...

October 30, 2018

Maui Switches On Another 2.87 Megawatts Of Solar...

October 8, 2018

Capital Dynamics Acquires 121 Megawatt Springbok 3 Solar...

September 27, 2018

EnSync Energy Sells CAL FIRE Solar PPA Project...

August 20, 2018

Solar Bids In India Decline After Duty Reprieve

May 16, 2018

India Plans 20 Gigawatt Solar Tender To Circumvent...

May 16, 2018

Invenergy Signs PPA With Georgia Power For 160...

May 14, 2018

India’s Largest Solar Cell Manufacturer Charts Aggressive Growth...

May 10, 2018

Follow Me

Facebook

Recent Posts

  • Meet PVCase: A 3D Solar Design Software That Every PV Designer Should Consider

    June 12, 2019
  • Mitsui To Partner With Indian Company For Distributed Solar Projects

    June 10, 2019
  • India’s NTPC Offers Solar Project Management Services To ISA Members

    June 9, 2019
  • Equinor & Scatec Solar Complete 162 Megawatt Brazilian Solar Plant

    November 29, 2018
  • Gamesa Awarded 400 Megawatt Solar Project In Egypt

    November 29, 2018
  • Facebook

@2019 - All Right Reserved solarlove.org


Back To Top