SolarCity posts 136 MW of solar power booked in first quarter

SolarCity has posted a record-breaking 136 megawatts booked during the first quarter of 2014

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. 

More information on the solar photovoltaic market in the U.S. can be found at PennEnergy Research

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs