SolarLease combined with LADWP solar rebates make solar power affordable for Los Angeles homeowners

(27/08/2009)

SolarCity® has announced the availability of its solar leasing option (SolarLease™) to customers of Los Angeles Department of Water and Power (LADWP), the largest municipal utility in the USA. SolarCity’s lease combines with LADWP’s generous solar rebates, among the highest of any U.S. utility, to make solar power as affordable for Los Angeles homeowners as anywhere in the nation. A SolarCity solar lease of a 4-kilowatt solar system, appropriate for a typical 3-bedroom home in Los Angeles, would start at $55 per month, with no money down, on approved credit.

LADWP provides more than 1.4 million customers in the Los Angeles area with electricity. Erik Solter, a homeowner in Canoga Park in the San Fernando Valley, is among the first group of LADWP customers to sign up for SolarLease. “I’ve always wanted to be greener but I’ve been waiting for an option that makes financial sense,” says Solter. “With SolarCity’s SolarLease I can adopt solar power for less than I used to pay for electricity and help LADWP conserve energy.”

SolarCity’s solar leasing option for LADWP customers is a 20-year lease with fixed monthly payments for the life of the lease, so savings increase over time if electricity rates rise. The first month’s payment is due when the system is turned on. SolarCity’s lease option includes financing, design, installation, a performance guarantee, the company’s Web-based SolarGuard™ monitoring service, and repair service.

“LADWP and Mayor Villaraigosa are continually working to increase the use of solar power in Los Angeles,” said Lyndon Rive, CEO of SolarCity. “More than 1,000 LADWP customers have already inquired about our solar lease option, and we’re hiring 25 new installers in the Los Angeles area to help meet the demand.”

LADWP customers interested in SolarCity’s new lease option can estimate their solar lease payment and potential electricity savings online by using SolarCity’s solar calculator.

Related categories:  Environmental technologies for Residential and Green homes   Solar power and photovoltaics