SolarCity Announces Launch Of MyPower - Quick Facts

(RTTNews) - SolarCity (SCTY) Wednesday introduced MyPower, a first-of-its kind solar financing option that combines the low upfront cost and immediate utility savings of a power purchase agreement or PPA with the benefits of ownership.

SolarCity customers pay for their MyPower solar loan similar to the way they pay for a solar PPA, based on the energy the system produces from the sun, but they retain ownership of the solar panels.

According to SolarCity, MyPower's unique structure creates America's most affordable solar loan—with a lower cost than PPAs in many locations.

MyPower can allow customers to pay as much as 40 percent less for solar power than utility power. Unlike other loans, MyPower allows customers to prepay their entire balance or prepay a portion of their solar loan to lower their monthly payments at any time, with no fees or penalties.

MyPower customers will enjoy a 30-year warranty, production guarantee, and monitoring service package.

SolarCity backs up its agreements with the largest in-house service footprint in the industry with its 52 operations centers serving 15 states.

Starting today, SolarCity will offer MyPower to customers in Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey, and ultimately plans to expand the product beyond its existing service territory.