Sept. 24, 2013: Direct Energy, SolarCity Sign Deal to Supply Solar to Businesses
Financing Tailored for New and Existing Direct Energy Customers
PITTSBURGH and SAN MATEO, Calif. — Direct Energy and SolarCity have established a broad agreement to provide solar electricity directly to businesses. The two companies have created a dedicated investment fund capable of financing up to $124 million in solar projects for Direct Energy’s commercial and industrial (C&I) customers, which is partially funded with up to $50 million from Direct Energy. Through the arrangement, eligible Direct Energy C&I customers will be able to utilize solar power with little or no upfront cost, depending on the customer’s choice of plans. Customers will be given a choice to pre-pay for their solar electricity or pay a monthly payment, with installation, insurance, repairs, and monitoring service included.
“Solar is a viable opportunity that positions Direct Energy Business as a total energy management service provider for commercial and industrial customers,” said Mike Senff, head of U.S. sales, marketing and 360Direct for Direct Energy Business. “Solar complements Direct Energy Business’ other product offerings while supporting our customers’ corporate sustainability goals.”