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October 07, 2015 5:25 AM ET

Electrical Equipment

Company Overview of SolarCity Corporation

Company Overview

SolarCity Corporation designs, manufactures, installs, maintains, monitors, leases, and sells solar energy systems to residential, commercial, government, and other customers in the United States. It offers solar energy systems; solar lease and power purchase agreement finance products; mounting hardware for photovoltaic panels; and related software, as well as develops a proprietary battery management system, which is designed to enable remote, bidirectional control of distributed energy storage that can provide benefits to customers, utilities, and grid operators. The company also sells electricity generated by solar energy systems to customers. It offers its products and services through ...

3055 Clearview Way

San Mateo, CA 94402

United States

Founded in 2006

9,012 Employees





Key Executives for SolarCity Corporation

Co-Founder, Chief Executive Officer and Director
Age: 38
Total Annual Compensation: $275.0K
Co-Founder, Chief Technology Officer and Director
Age: 40
Total Annual Compensation: $276.1K
Chief Financial Officer
Age: 51
Total Annual Compensation: $194.0K
Chief Operations Officer
Age: 37
Total Annual Compensation: $250.0K
Executive Vice President, General Counsel and Secretary
Age: 46
Total Annual Compensation: $390.4K
Compensation as of Fiscal Year 2014.

SolarCity Corporation Key Developments

SolarCity Unveils Most Efficient Rooftop Solar Panel, to Be Made in America

SolarCity has built most efficient rooftop solar panel, with a module efficiency exceeding 22%. The new SolarCity panel generates more power per square foot and harvests more energy over a year than any other rooftop panel in production, and will be the high volume solar panel manufactured in the Western Hemisphere. SolarCity will begin producing the first modules in small quantities this month at its 100 MW pilot facility, but the majority of the new solar panels will ultimately be produced at SolarCity's 1 GW facility in Buffalo, New York. SolarCity expects to be producing between 9,000 to 10,000 solar panels each day with similar efficiency when the Buffalo facility reaches full capacity. SolarCity's panel was measured with 22.04% module-level efficiency by Renewable Energy Test Center, a third-party certification testing provider for photovoltaic and renewable energy products. SolarCity's new panel created via a proprietary process that significantly reduces the manufacturing cost relative to other high-efficiency technologies is the same size as standard efficiency solar panels, but produces 30% to 40% more power. SolarCity's panel also performs better than other modules in high temperatures, which allows it to produce even more energy on an annual basis than other solar panels of comparable size. SolarCity initially expects to install the new, solar panel on rooftops and carports for homes, businesses, schools and other organizations, but it will also be excellent for utility-scale solar fields and other large-scale, ground level installations.

SolarCity Expands New Hampshire Operations Center in Manchester

SolarCity is expanding its New Hampshire presence with a new, 26,000 square foot operations center in Manchester. Governor Maggie Hassan, Mayor Ted Gatsas, Councilor Chris Pappas, and other state and local officials joined SolarCity staff to cut the ribbon at the new facility. The Manchester operations center is SolarCity's first in the state, and the company expects more than 75 jobs there when fully staffed. SolarCity, which launched New Hampshire service in the spring makes it possible for many New Hampshire homeowners to install solar with no upfront cost and pay as much as 20% less by going solar than they pay for utility power, with installation, production guarantee and monitoring included. SolarCity also offers customers the option to purchase upfront. The new SolarCity operations center creates new solar jobs for the state. With more than 40 staff already in place, the company is actively hiring for open positions in sales, installation and related roles. SolarCity already employs over 1,000 employees in New England who serve Connecticut, Massachusetts, New Hampshire, Rhode Island and Vermont. The company will service residential and commercial customers as far north as Concord and Laconia, as far west as Keene and the entire Southeastern part of the state including Portsmouth and Nashua from the location.

Kauai Island Utility Cooperative Signs Power Purchase Agreement with SolarCity for the Solar and Battery Storage System

The Kauai Island Utility Cooperative announced that it has signed a power purchase agreement with SolarCity for the solar and battery storage system, which is designed to supply power to the grid in the evening, when demand is highest. The 52-megawatt-hour battery system will provide dispatchable solar energy, meaning that the utility can count on electricity being available when it's needed, even after sundown, as it feeds up to 13-megawatts of power onto the grid. The power is designed to shave the amount of conventional power generation needed to meet the evening peak, which lasts from 5 p.m. to 10 p.m. By using the solar energy stored in the battery instead of diesel generators, KIUC said it will reduce its use of imported oil and also cut its greenhouse gas emissions. Under the terms of the 20-year contract, KIUC will pay SolarCity 14.5 cents per kilowatt-hour, a lower rate than the current cost of conventional generation, and only slightly more than the cost of energy from KIUC's two existing 12-megawatt solar farms, whose output is available only during the day. Pending state and county approvals, the array and battery storage facility will be built on 50 acres of land owned by Grove Farm Co. Inc. adjacent to KIUC's Kapaia power station off Maalo Road, just north of Lihue. KIUC has requested an accelerated timetable for approval by the Hawaii Public Utilities Commission. To qualify for federal tax credits that will substantially reduce the cost of the project, construction work must begin by April 2016 so the project can be in commercial operation by December 31, 2016.

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