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April 24, 2012: SolarCity Introduces Home Energy Loan for Energy Efficiency Upgrades

April 24, 2012
SAN MATEO, Calif., and BOSTON — SolarCity®, a leader in clean energy services, has unveiled a new Home Energy Loan for energy efficiency upgrades that the company says will make cleaner indoor air, greater comfort, and lower energy bills more accessible to American homeowners.

SolarCity estimates homeowners lose approximately $40 of every $100 spent on heating and cooling to duct and air leakage alone. The company said its new energy efficiency financing option is designed to reduce or eliminate the upfront cost of energy efficiency upgrades. Its energy efficiency services include a comprehensive on-site home energy evaluation to diagnose the cause of energy loss and high utility bills, paired with a range of upgrades to lower energy costs and improve IAQ and comfort.

“SolarCity manages customers’ energy needs with better, cleaner alternatives that lower costs and improve health and comfort,” said Lyndon Rive, CEO of SolarCity. “By making energy-saving measures more accessible and affordable, we’re doing for energy efficiency what we’ve done for solar power.”

SolarCity introduced energy efficiency services in 2010 and said it has more than 5,000 efficiency projects completed or underway in Arizona, California, Colorado, Oregon, and Texas. The company is now extending its energy efficiency service offering to its East Coast service areas in Connecticut, Maryland, Massachusetts, New Jersey, New York, and Washington, D.C.

The company said it offers homeowners a customized evaluation to identify specific inefficiencies in the home. Its proprietary software produces a report that provides an overview of the opportunities to improve efficiency across nine categories, including air infiltration, insulation, heating and cooling, and duct leakage. Based on the evaluation, SolarCity will recommend a prioritized list of home improvement options based on energy and cost savings.

The company’s Home Energy Loan program enables customers to finance the energy efficiency upgrades through Admirals Bank. Admirals Bank is a federal savings bank, headquartered in Boston, with a history as a home improvement lender. The Home Energy Loan will allow eligible customers to finance their home energy efficiency upgrades either with a one-year “Save Now, Pay Later” option, or a three- or 10-year “Pay As You Go” option.

For more information, visit www.solarcity.com.

Publication date: 04/23/2012

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