Solar City Offering No Money Down, Residential Solar Panel Leases In California

The financials look pretty good.

Under the program, customers pay a monthly fee and get lower utility bills, but SolarCity retains ownership of the photovoltaic panels.

In a typical scenario for a 2.8-kilowatt system, Rive said, a customer with a $150-a-month electric bill before installing solar would end up with a $60-a-month electric bill, an $80 or $90 monthly lease payment to Solar City, and thus "positive cash flow" of as much as $10.

Founded in 2006, SolarCity is chaired by Elon Musk, who also chairs Tesla Motors, and has heavily invested in both companies.

Think about it. Mr. Musk is certainly a good business strategist. Charge up the newTesla in your own garage, on free electricity - well, sort of. Anyway, that's pretty slick.

Via::Mercury News;SiliconValley.com, "SolarCity offers solar-leasing contract for no money down" Image credit::SolarCity website.

Tags: California

Best of TreeHugger