SolarCity Corp - Statistics & facts

SolarCity Corporation was a United States based solar panel developer founded in July 2006 by Peter and Lyndon Rive. The company was based on a concept suggested by Elon Musk and fully acquired by Tesla in November 2016, when total U.S. net solar power generation stood at 36 terawatt hours.

SolarCity was headquartered in San Mateo, California, but the company also boasted over 75 local operation centers around the country. The company served customers in 19 states and had helped install solar systems for homeowners, schools like Stanford University, government agencies, as well as commercial clients like Walmart. In it’s last financial year before acquisition, the company made 730 million U.S. dollars in revenues, more or less evenly split between component sales and operating leases.

SolarCity provided a variety of products and services through a distributed service model. Apart from solar, the company was also involved in the U.S. electric car charging market. Through a partnership with Rabobank, SolarCity made electric car charging free for Tesla vehicle owners along Route 101 in California, between Los Angeles and San Francisco. In terms of energy storage, SolarCity had also rolled out a pilot program to test Tesla and Panasonic’s Powerwall storage device in 500 California homes.

A variety of well-known investors backed SolarCity, and some of their most prominent financing partners included Morgan Stanley and the Bank of America. In 2011, SolarCity and Google created a fund worth 280 million U.S. dollars to finance U.S. residential solar installations.

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SolarCity Corp

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