SolarCity announced that it is acquiring groSolar’s residential installation business, and in doing so will bring its solar-leasing business model to Massachusetts, New Jersey, New York and Pennsylvania.
groSolar will continue its nationwide solar distribution and commercial solar project development businesses. Financial details were not disclosed.
Solarleasing makes it possible for many homeowners and businesses to install solar with no upfront cost. More than 80% of SolarCity’s customers have chosen SolarLease since its launch in April 2008, the company said.
SolarCity will make SolarLease and solar purchase options available
to homeowners and businesses in the new service areas in early March,
and will roll out energy efficiency services later in the year.
“SolarCity will be able to offer solar to many homeowners and
businesses in the Northeast at or below the cost they currently pay for
electricity,” said Lyndon Rive, CEO of SolarCity. “We expect thousands
of additional homeowners in the Northeastern states to go solar this
year, while local incentives are strong.”
SolarCity, which has been growing its business in the western US, provides solar power financing, design, installation, monitoring and energy efficiency services. The company claims to be the nation’s largest solar service provider by project volume. It currently maintains 21 local operation centers in 10 states.
SolarCity will initially serve customers located within an approximately 100-mile radius of its new operations centers in Billerica and Raynham, Mass.; Broomhall, Pa. (from which it will serve parts of New Jersey); Albany, N.Y.; and Jessup, Md. (expanding the area served by the existing location in Silver Spring, Md). The company expects to expand further within those regions later this year.
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