Utility PG&E to finance rooftop solar panels

Written by GTD Editor

Wednesday, 20 January 2010 08:20

Pacific Gas & Electric will fund the installation and leasing of solar panels at about 1,000 homes and businesses this year.

The California utility on Wednesday announced a deal with SolarCity, a Silicon Valley start-up that will provide PG&E customers the financing to install rooftop solar panels with little upfront money. PG&E subsidiary Pacific Venture Capital will provide $60 million in tax equity to SolarCity for its installation and financing services.

The investment—funded by PG&E Corporation shareholders—is expected to allow SolarCity to install more than 1,000 solar systems for U.S. homeowners and businesses via the company's SolarLease and Power Purchase Agreement financing options. SolarCity's financing options allow homeowners and businesses to adopt solar power with no upfront investment and to save money from day one on energy costs.

Rather than own solar panels, SolarCity customers pay a monthly fee and a relatively small or no upfront investment. SolarCity, which owns the solar panels, can sell the electricity solar panels generate and take advantage of local and federal tax incentives.

A number of solar installers are starting to offer financing options, which gets around the initial investment of $25,000 to $40,000, depending on the size.

But PG&E said the deal is the first between a utility and a solar financing company.

"This investment represents an opportunity to broaden access to renewable energy, consistent with our focus on advancing clean, low-carbon energy solutions and California's goals to expand rooftop solar," said Rand Rosenberg, PG&E Corporation Senior Vice President, Corporate Strategy and Development. "Equally significant, it enables us to take an initial step toward gaining valuable experience with a technology and a marketplace that may become increasingly important in the future."

The solar systems funded under the agreement are expected to be installed in 2010, predominantly in California, with some in Arizona and Colorado. SolarCity already has more than 1,700 solar customers in Pacific Gas and Electric Company's service area and more than 5,000 solar customers overall.

"SolarCity strongly believes solar companies and traditional energy industry players must work together if solar power is to become a mainstream source of electricity in America," said Lyndon Rive, SolarCity's CEO. "PG&E has always been a leader in renewable energy adoption. This agreement is yet another example of PG&E leadership in clean power generation that hopefully others can follow."

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"SolarCity strongly believes solar companies and traditional energy industry players must work together if solar power is to become a mainstream source of electricity in America," said nfl jerseys wholesale Lyndon Rive, SolarCity's CEO. "PG&E has always been a leader in renewable energy adoption. This agreement is yet another example of PG&E leadership in clean power generation that hopefully others can follow."

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This investment represents an opportunity to broaden access to renewable energy, consistent with our focus on advancing clean, low-carbon energy solutions and California's goals to expand rooftop solar