US: SolarCity launches program for East Coast new homes

Previously active with homebuilders on the West Coast, SolarCity announced today that it is expanding its new-build program to the homebuilders in Connecticut, Delaware, Florida, Maryland, Massachusetts, New Jersey and New York. The expansion brings the number of homebuilders partnering with SolarCity to 100.

On the back of new-build partnership expansion, SolarCity announced that it added 4,000 new staff in 2014 and will be facilitating its East Coast expansion with 10 new offices.

For its new-build customers, SolarCity will be offering full-service solutions, including customer service, real-time monitoring, insurance and repairs for homebuyers.

MyPower funding

The new-build program expansion comes on the back of an announcement from SolarCity earlier this week that it has secured US$200 million in funding to continue the rollout of its MyPower solar loan product.

While the market for solar leasing may be declining, many players are transitioning into solar loans, including SolarCity. The company says that it has sold more than 8,000 MyPower loans since the product was launched three months ago. SolarCity initially rolled out its MyPower solar loan across eight U.S. states.

Credit Suisse will provide the $200 million in finance for MyPower on a non-recourse basis.

"The new facility is the first of its kind, and offers the lowest interest rate of any solar financing facility we’ve seen. We expect it to be the first of a large array of financing we create this year to support MyPower’s growth,” said SolarCity CFO Brad Buss.

SolarCity intends to securitize this most recent $200 million MyPower solar loan portfolio, financed by Credit Suisse, once it is fully deployed.