SAN MATEO, Calif., June 29, 2015 (GLOBE NEWSWIRE) -- SolarCity (NASDAQ:SCTY) today announced energy storage for new homes and a special low, fixed-rate solar power offering for California homebuilders and their buyers.
Founded in 2011, the SolarCity Homebuilder Program currently works with builders across the nation to give many new home buyers the option to add solar power systems without increasing the home's purchase price, and pay less for solar electricity than they would otherwise pay for utility power. SolarCity also handles everything from design and installation to monitoring and repairs.
Energy Storage for New Homes
The SolarCity Homebuilder Program is now taking orders for solar and home energy storage systems. The new energy storage service, in conjunction with solar power, includes the Tesla Powerwall battery pack, advanced hybrid inverter, monitoring and control systems and a warranty and service agreement. While battery backup is the primary application, depending on utility service territory, SolarCity's management system may in the future enable the Powerwall to be configured for a broad range of uses including time-of-use shifting and grid response. The Powerwall is quiet and odorless, can be mounted indoors or outdoors and requires no fuel—all significant advantages over traditional backup generators.
Fixed Solar Rates for California Homebuilders
SolarCity's Homebuilder Program now offers solar energy through homebuilder partners at a cost equivalent to the lowest standard residential electricity rates of California's largest utilities. This new program provides the benefits of solar energy at no upfront cost to the builder or homebuyer. It also allows new homebuyers who are customers of California's largest utilities to lock in a fixed solar energy rate for the next 20 years at the lowest standard, tier 1 rate their utility offers at signing.
SolarCity makes it possible for homebuilders to allow many buyers to go solar with no upfront cost and no escalator on annual solar energy costs. The program can provide homeowners in California with security from rising utility rates and significant savings with solar power for the next two decades.
Pardee Homes Selects SolarCity
SolarCity also announced that it has recently been selected by Pardee Homes to provide solar power in select communities. Pardee Homes is a TRI Pointe Homes brand; one of America's top 25 homebuilders according to Builder Magazine. SolarCity has already installed more than 300 solar homes across 13 Pardee Homes communities in Southern California and the greater Las Vegas area in southern Nevada.
Pardee's LivingSmart® homes offer renewable solar power from SolarCity in select communities along with many energy and water efficient components, environmentally friendly building materials and family friendly features. The companies expect to offer solar power in two upcoming communities in the Las Vegas area in the coming months as well. For additional information, visit www.PardeeHomes.com.
Homebuilders who would like to offer fixed, low solar energy rates for their homeowners and learn more about energy storage options can contact the company through our interest form at www.solarcity.com/homebuilder.
About the SolarCity Homebuilder Program
Solar power delivers distinct benefits for homebuilders and homebuyers. SolarCity can typically offer solar installation for no added cost and allow homeowners to lock in low, predictable energy rates for years into the future. SolarCity gives homeowners control of their solar electricity costs to protect them from future rate increases and can help them save money on their monthly utility bills.
For homebuilders, solar options represent an enticing (and eco-friendly) way to attract potential buyers to their new communities and homes. SolarCity's solar power options also do not increase construction costs for the homebuilder and can be tailored for both builders and homebuyers to choose from a variety of solar plans. To learn more, please visit www.solarcity.com/homebuilder.
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.
This release contains forward-looking statements including, but not limited to, statements regarding cost savings, future products and offerings, new homebuilder communities and product delivery timelines. 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.