Connecticut’s most prolific residential solar installer, California-based SolarCity, has unveiled a new loan product here and in 13 other states.
The solar loan, as opposed to the power purchase agreements the solar giant offers, is a way for homeowners to finance and own, rather than rent, their rooftop arrays. Leasing, a model pioneered by SolarCity, still comprises the majority of the company’s revenue.
The company has Connecticut facilities in Rocky Hill and Milford, and said in December that it intends to reach 400 employees in Connecticut.
The new loan is a replacement for SolarCity’s MyPower loans, which it unveiled in late 2014 and discontinued earlier this year.
A February article by Greentech Media detailed the challenges of the MyPower loans, including a long 30-year payback period and the fact that more customers were ineligible for federal tax credits than SolarCity originally expected.
The new financing product announced Thursday, for which SolarCity did not give an official name, have 10-and 20-year payback options, as well as no fees or penalties for prepaying some or all of the balance upfront to lower monthly costs.
The company is also including a Nest Thermostat for every customer that signs up.
