SAN FRANCISCO, July 21, 2008 -- SolarCity, California's No. 1 residential solar power company, today announced one of the nation's most affordable solar power financing options for San Francisco residents. SolarCity's SolarLease options incorporate incentives from San Francisco's groundbreaking GoSolarSF program, and can allow many San Francisco homeowners to use clean, renewable solar power for less than they currently pay for electricity.
For example, SolarCity can provide 2.4 kilowatt systems for monthly lease payments starting at $25 per month for eligible San Francisco installations on approved credit. A 2.4 kilowatt system can typically reduce a $100 monthly electricity bill to $40 in San Francisco. In this example, the $65 cost of the combined lease payment and new electricity bill create a net monthly savings of $35. The lease structure - with fixed lease payments that increase 3.5 percent annually - is designed to allow customers to save money immediately, and continue to save over the life of the lease as electricity rates increase.
SolarCity custom designs each solar system to the homeowner's needs, based on roof space, electricity usage and other factors, so lease terms will vary for each customer. Interested San Francisco residents can estimate their potential savings by using SolarCity's solar calculator, available online at http://solarlease.solarcity.com.
"This program gives San Francisco residents a way to lower their electricity bills at a time when energy costs are skyrocketing. There's no longer any need to wait for affordable clean power options," said Lyndon Rive, SolarCity's CEO. "Congratulations to the city of San Francisco for creating the most affordable solar program in the country."
The $3 million GoSolarSF program is expected to help 300-500 San Francisco homeowners to migrate to clean solar power this year. Eligibility requirements and other details of the GoSolarSF program are available online at http://sfwater.org/detail.cfm/MC_ID/12/MSC_ID/139/MTO_ID/361/C_ID/3910. The most affordable SolarLease pricing options will only be available while the incentive lasts, so interested homeowners should contact SolarCity as soon as possible at 1-888-SOL-CITY or www.solarcity.com.
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