Home Solar Financing ( Solar Thermal Magazine)
SolarCity® has announced that it is expanding to New Mexico 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.
The company expects it’s new and unique solar loan to be very popular and immediately become the most affordable residential solar power option in the state.
According to SolarCity, 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. The MyPower’s solar loan program has made it extremely popular with more than 12,000 customers across the country having already signed up for the product since it was introduced in October 2014.
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.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.