January 29, 2015 6:24 AM ET

Electrical Equipment

Company Overview of SolarCity Corporation

Company Overview

SolarCity Corporation designs, installs, and sells or leases solar energy systems to residential and commercial customers, and government entities in the United States. It offers solar energy systems; solar lease and power purchase agreement finance products; and energy efficiency products and services, 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 direct outside sales force; door-to-door sales f...

3055 Clearview Way

San Mateo, CA 94402

United States

Founded in 2006

4,262 Employees

Phone:

650-638-1028

Fax:

650-638-1029

Key Executives for SolarCity Corporation

Co-Founder
Age: 37
Total Annual Compensation: $276.1K
Co-Founder
Age: 39
Total Annual Compensation: $276.1K
Chief Operations Officer
Age: 36
Total Annual Compensation: $175.0K
Executive Vice President of Process Engineering
Age: 34
Total Annual Compensation: $101.2K
Chief Revenue Officer
Age: 42
Total Annual Compensation: $83.7K
Compensation as of Fiscal Year 2013.

SolarCity Corporation Key Developments

SolarCity Corp Announces $200 million Financing Backing Solar Loan Program

SolarCity Corp. on Jan. 14 announced a $200 million nonrecourse financing facility with Credit Suisse to finance the purchase of solar energy systems through SolarCity's MyPower loan program. U.S. Bank is serving as the trustee for the financing facility. The financing consists of $160 million of class A notes and up to $40 million of class B notes. The class A and class B notes bear interest at a rate per annum equal to cost of funds plus an applicable margin of 2.5% and 5.0%, respectively. The notes are non-recourse to SolarCity and mature on Jan. 20, 2017.

SolarCity Launches Solar Service in El Paso

SolarCity announced it is launching its solar service broadly to El Paso homeowners for the first time. The service, previously only available to military families and local SolarCity homebuilder partners in the area, makes it possible for many El Paso-area homeowners to install solar panels with no upfront cost and pay a lower rate for solar electricity than they pay for utility power. SolarCity allows homeowners to go solar for as little as $35 per month, with design, installation, financing, insurance, monitoring and a performance guarantee included. SolarCity will initially serve area homeowners that are customers of El Paso Electric with local installation crews based at its operations center in El Paso. SolarCity's highly experienced local team has installed solar power systems that are providing power to thousands of homes in local housing communities, including military housing at Fort Bliss.

SolarCity Expands Operations and Services to Western Massachusetts

SolarCity is expanding its solar service to Western Massachusetts with a new operations center in Agawam. The new operations center SolarCity's fourth in Massachusetts will allow the company to serve a broad area across the western part of the state.

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