MINNETONKA, Minn., June 17, 2015 (GLOBE NEWSWIRE) -- SolarCity (NASDAQ: SCTY), the nation's #1 solar power provider, and Minnetonka-based solar developer Sunrise Energy Ventures have partnered to create a new community solar program offering that allows renters, schools, municipalities and other current Xcel Energy customers to purchase renewable energy without installing solar panels on their properties. Minnesota's new community solar program is mandated by law and is expected to be the largest in the nation when completed.
According to GTM Research and SEIA's Q1 2015 U.S. Solar Market Insight Report, only 66MW(DC) of community solar projects are operating in the United States today. SolarCity's new community solar program will develop a series of up to one-hundred 1MW(AC) community solar installations, or "gardens," in Wright and Sherburne counties. SolarCity will then invite renters, low-income housing residents, schools, and others in the Minneapolis-St. Paul area to enter subscriber agreements to purchase the solar power the gardens produce at a rate of 13 cents per kWh. For up to 25 years, Xcel Energy will credit the subscribers at a rate of 14.7 cents per kWh for each kWh of electricity that is purchased from SolarCity through a solar garden subscriber agreement. The anticipated 11.5 percent savings will be immediate for subscribers, who will remain Xcel Energy customers.
SolarCity will develop, operate and own the gardens and expects to hire local installation and operations personnel to build the projects. The company plans to reserve the majority of the gardens' residential allocations in order to give some of the 600,000 apartment renters in Minnesota [1] access to affordable solar power. Community solar can also appeal to homeowners who have heavily shaded or north-facing roofs or those who do not want to make an up-front financial investment in a rooftop system.
"In Minnesota, anyone with an Xcel account can access the Solar Community Garden program, whether or not their home or school is optimal for solar or they live in a rental unit, condominium or low-income housing complex," said Dean Leischow, CEO of Sunrise Energy Ventures. "We chose SolarCity as a partner because of its solid track record of residential service and its commitment to help Minnesota rate payers utilize clean power at a savings."
"The State of Minnesota and its Public Utilities Commission have made a significant contribution to the proliferation of solar power by passing solar garden legislation," said Jesse Jones, SolarCity's vice president of development and acquisitions. "They've also made it possible for subscribers to have an involvement with locally-generated clean power, rather than a credit for or certificate representing solar kilowatts generated far, far away."
SolarCity, the nation's leading residential solar power provider will begin offering Community Solar subscriptions to residential ratepayers at the end of 2015. Those interested in the program can contact the company by visiting www.solarcity.com/community-solar or by phone at 1-888-SOL-CITY (1-888-765-2489).
About Sunrise Energy Ventures
Sunrise Energy Ventures (SEV) is a leader in project origination and greenfield development in a range of PV markets across the country. SEV has considerable experience working with Xcel engineers, developing a portfolio of fifty-four projects behind Xcel's NM subsidiary. SEV has experience developing projects from many facets of the industry, from 100kW physically net-metered distributed generation projects to a 30MW feed-in-tariff portfolio.
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 18 states. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
[1] Source: U.S. Census Bureau, 2013 American Community Survey, Updated 9/2014
This release contains forward-looking statements including, but not limited to, statements regarding future construction and savings. 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 quarterly report on Form 10-Q, 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.