SolarCity Offers New Financing Program

SolarCity has announced a new financing program that could change the way residential solar is purchased. The company has launched its SolarLease program, which will offer homeowners an affordable way to use solar power for their homes without the high upfront costs generally associated with residential solar. The program will allow homeowners to purchase power from systems owned and installed by SolarCity.

SolarCity will own the solar panels and will take advantage of commercial tax credits that it will then apply to customer financing. A four-bedroom homeowner can install a solar system for an initial payment of about $2,000. The program is being backed by Morgan Stanley.

“Customers have called for alternatives to solar purchasing, and our innovations in financing will allow them to get the benefits of renewable energy quickly, easily and affordably,” said David Arfin, Vice President of Customer Financing at SolarCity.

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