SolarCity Raises $750 M for Residential Solar

What does SolarCity do?

SolarCity, is a power startup, it is America’s largest solar power provider. They provide clean energy to homeowners, schools, businesses, non-profit and government organizations at a low cost than what is paid for the energy generated by burning fossil fuels such as natural gas, coal and oil.

SolarCity uses highest engineering standards which makes it easy for the customers. They way they deliver energy to the customers is revolutionized; they provide clean energy, which is a affordable to the customers.

How much SolarCity funded?

SolarCity, the power startup has announced that it raised $750 million on february26th, 2015. The major part of the funding, a contribution of $300 million came from Google. This funding makes it the largest clean energy investment to date and the biggest fund of its kind.

Acquisitions

SolarCity has 4 previous acquisitions:

• Building Solutions- May 12^th, 2010, terms remain undisclosed
• Paramount Solar on August 13^th, 2013 at $120 M, terms remain undisclosed
• Zep Solar on October 9^th, 2013 at $150 M in stock
• Silevo on June 17^th, 2014 at $200 M, terms remain undisclosed.

What is next for SolarCity?

SolarCity, the solar power startup is going to use the new $750 M fund to help fund the solar projects, which include defraying the upfront costs of solar panel installation in homes in fourteen states across U.S and in Washington D.C.

The new $750 M fund will help thousands of homeowners cover the costs of setup, installation, solar panel and equipment costs. In exchange for this the homeowners will pay SolarCity for the energy which is paid by their panels or a monthly fee for the panels in lease. The advantage is they are having cleaner energy and in most cases, lower costs too.

More about SolarCity

SolarCity founded in 2006, by Peter Rive and Lyndon Rive, is a full service solar provider for homeowners, government organizations and businesses. It provides solar power system design, installation, energy efficiency and monitoring services. It has its headquarters in San Mateo, CA.