By Herman K. Trabish | Greentech Media
SolarCity (NASDAQ:SCTY) launched a zero-down financing option for new homebuilders to expand the reach of the third party ownership finance model.
The percent of new homes built with solar doubled in 2012, growing from 8.3 percent at the end of 2011 to 16.5 percent at the end of last year, and is expected to top 20 percent by the end of 2013, according to a SunPower analysis drawn from California Building Industry Association (CBIA) and California Solar Initiative (CSI) data.
SunPower’s internal data shows that of all the new solar homes that have been built in California, SunPower has built 80 percent, according to National Sales Director for Homes Matt Brost.
The state also had two cities, Lancaster and Sebastopol, pass zoning laws this year requiring solar on all new homes.
SolarCity, which has already bumped its kilowatts installed in new homes 300 percent this year compared to the same period in 2012, is now moving more aggressively. By taking the upfront expense onto its own balance sheet with a zero-down financing program, it allows builders to offer homebuyers the SolarCity lease/PPA option without pre-payment.
Related: Efficiency advocates and homebuilders seeing eye to eye?
