Making it possible for many New Mexico homeowners to install solar with no upfront cost, SolarCity is now offering its groundbreaking MyPower solar loan in the state. Expecting its unique solar ownership program to immediately become the most affordable residential solar power option in New Mexico, SolarCity states that homeowners will pay as much as 20 percent less by going solar than they are paying for utility power. America’s #1 solar power provider, SolarCity provides solar power to businesses and government organizations throughout the nation, and has completed hundreds of projects in New Mexico.
“I’m excited to welcome SolarCity to New Mexico,” said U.S. Senator Martin Heinrich (D-N.M.). “Solar energy’s future in New Mexico is as bright as our sun—our tremendous solar resources should be harnessed as an engine of economic and job growth for our state. SolarCity’s decision to come to New Mexico is great news for our residents, our economy and our environment.”
SolarCity’s MyPower Loan Program
New Mexico will be the first place where SolarCity (NASDAQ: SCTY) has launched solar service through MyPower exclusively. The company’s MyPower loan program and its affordability has made it very popular. Introduced in October of 2014, already more than 12,000 customers across the country have signed up.
Most solar loans are provided to homeowners by third-party banks and municipalities in partnership with solar manufacturers and regional installers. However, through its subsidiary, SolarCity Finance Company, SolarCity acts as a lender to its customers, offering some of the industry’s best financing terms. SolarCity notes the advantages of this, pointing out that “some competitor products place a lien on the customer’s home and involve an onerous approval process. MyPower places no lien on the home, making it easier to transfer in a sale.”
Except for the added advantage of retaining ownership of the solar panels, homeowners repay their MyPower loan similarly to the way a customer would pay for a solar power purchase agreement (PPA), based on the solar energy the system produces from the sun.
Bringing Operations Center Jobs to Albuquerque
As SolarCity expands into New Mexico, the company states that it is also opening a new operations center in Albuquerque this month. Jobs available include sales, installation, and positions supporting these roles. Approximately 50 local employees are expected to find positions in SolarCity’s initial round of hiring.
SolarCity will initially be offering solar service to homeowners in specific areas of New Mexico. These areas will include customers of the utility company PNM in Albuquerque, Santa Fe, and their surrounding areas, as well as homeowners that are customers of El Paso Electric in the Las Cruces area.
One of the Best Solar Markets in America
New Mexico will be the 16th state that SolarCity operates in, and the company believes it has the potential to be one of the best solar markets in America. New Mexico is one of the sunniest states in the U.S., and Albuquerque is one of America’s sunniest cities.
SolarCity points out that it will accommodate New Mexico solar customers on a first-come, first-served basis. Area homeowners interested in SolarCity’s services can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) for a free, no-obligation solar consultation or visit SolarCity online. Candidates interested in employment opportunities in New Mexico can review available positions and contact SolarCity directly via its online jobs form.