SolarCity and Honda establish investment find to finance $65M in solar projects for Honda and Acura customers
21 February 2013
SolarCity and American Honda Motor Co., Inc., are partnering to make solar power more affordable and available to Honda and Acura customers in the US, providing a cleaner source of electricity at a lower cost than utility-supplied power.
The partnership establishes an investment fund to finance $65 million in solar projects to assist Honda and Acura customers with the initial cost of solar power installation. Honda and Acura customers in SolarCity’s 14-state service area may be eligible for the special offer, and SolarCity and Honda expect to be able to accommodate thousands of interested homeowners in the fund. <
The offer is time-limited. Customer eligibility will depend on individual customer credit and home-specific solar insolation levels, energy usage, permitting requirements and availability of local incentives. A solar power system is customized for each home, so savings and lease terms vary based on system size, government rebates, the rate paid for retail electricity and the rate received from the retail electric provider for any surplus generation.
A 20-year lease or power purchase agreement term applies. No down payment or security deposit is required. A 3 kW system starts at $25-$100 per month with an annual increase of 0 - 2.9% each year for 20 years, on approved credit.
Honda and Acura dealerships in SolarCity’s service territory may also be able to take advantage of the offer to install solar power through the partnership. Additionally, Honda and SolarCity will explore opportunities to integrate solar power and electric vehicle recharging, envisioning a future in which Fit EV and Accord Plug-In Hybrid owners will be able to charge their cars from the power of the sun.
While location in sun belt will determine actually usefulness, a FitEV "well qualified" buyer could theoretically purchase both vehicle and solar packages. The FitEV package 3-year $389/month lease with total due at lease signing $389 plus tax and title - AND a 3kW solar package at $100/month (typical.)
This is a reasonable idea for entry level EV buyers who want to recharge off grid (at least at home.) Although in low insolation locations a storage system will be needed to make this truly useful (driving costs up significantly.) But it is helpful for the large sunbelt population in the USA.
Posted by: Reel$$ | 21 February 2013 at 10:01 AM
Getting people to lock in a $100/month payment for 20 years to produce $10 worth of electricity seems like a very good deal for everyone but the homeowners.
Posted by: Kit P | 21 February 2013 at 03:56 PM