SolarCity (SCTY), America's #1 solar power provider, will make it possible for many Rhode Island homeowners to install solar with no upfront cost and pay as much as 20 percent less by going solar than they pay the utility. SolarCIty is making its popular MyPower solar loan available in Rhode Island for the first time. SolarCity expects the unique solar loan to immediately become the most affordable residential solar power option in the state.
MyPower loan payments are based on the production of the solar energy system, just like a solar power purchase agreement (PPA). Unlike a PPA, the homeowner retains ownership of the solar panels. SolarCity's affordable solar power options have made it the number one choice among American consumers—the company is currently providing one out of every three new solar energy systems in the U.S.
Initially, homeowners in ten towns in the National Grid territory will have access to SolarCity's services: Coventry, Cranston, Cumberland, East Providence, Johnston, North Providence, South Kingstown, Warwick, West Warwick and Woonsocket. Residents outside of the initial service area can sign up to be alerted as soon as service is available to their homes. Rhode Island is the 18th state where SolarCity offers service and the fourth in New England, joining Connecticut, Massachusetts and New Hampshire.
SolarCity is currently in negotiations for its first Rhode Island operations center. This location is expected to open in the coming months and SolarCity has already begun posting jobs on its website.