ALBUQUERQUE, N.M., March 4, 2015 (GLOBE NEWSWIRE) -- SolarCity® (NASDAQ: SCTY), America's #1 solar power provider, is expanding to New Mexico this week and will make its groundbreaking MyPower solar loan available to New Mexico homeowners. MyPower makes it possible for many New Mexico homeowners to install solar with no upfront cost and pay as much as 20 percent less by going solar than they pay for utility power. SolarCity expects the unique solar loan to immediately become the most affordable residential solar power option in the state. The company also provides solar power to businesses and government organizations and has already completed hundreds of projects in the state.
New Mexico homeowners will 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—while retaining ownership of the solar panels. MyPower's affordability has made it extremely popular—more than 12,000 customers across the country have already signed up for the product since it was introduced in October 2014—and New Mexico will be the first place where SolarCity has launched solar service through MyPower exclusively.
SolarCity plans to open a local solar operations center in Albuquerque this month and initially expects to hire 50 local employees in sales, installation and related roles. The company will initially serve homeowners that are customers of the utility 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. New Mexico will be the 16th state that SolarCity operates in and 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.
"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."
While most solar loans are provided by third-party banks and municipalities in partnership with solar manufacturers and regional installers, SolarCity has created the industry's best financing terms by acting as a lender to customers through its subsidiary, SolarCity Finance Company. 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.
SolarCity 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 at www.solarcity.com/jobs.
About SolarCity
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 16 states. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding savings, hiring and expansion. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's annual report on Form 10-K, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.