Residential renewable energy provider SolarCity (NASDAQ: SCTY) said it has posted a record-breaking 136 megawatts booked during the first quarter of 2014. The company also had the biggest quarterly gain of customers in the company's history after adding 17,664 customers to reach more than 110,000 by the end of the quarter.
The company has lowered solar installation costs by nearly 30 percent within two years, according to a previous release. Analysts at Roth Capital Partners noted the company has made progress in flow, asset yields and financing costs.
SolarCity said it plans to install 500 to 550 MW, up from its past guidance of 475 to 525 MW, to reach more than 2 gigawatts of power by the end of 2014.
"This would put us on a path to fulfill our goal to become one of the largest suppliers of electricity in the United States," according to a statement by the company.
The company predicts sales revenue from solar energy systems will reach $17 million to $21 million for the second quarter of 2014. Operating expenses could hit between $100 million to $110 million in the same quarter.