SAN MATEO, Calif. and TORRANCE, Calif., Oct. 8, 2014 (GLOBE NEWSWIRE) -- Today, at the SXSW Eco conference in Austin, TX, SolarCity® (Nasdaq:SCTY) and Honda have renewed their partnership with a new fund expected to finance $50 million in solar projects. The new commitment will make solar power more affordable and available to Honda and Acura customers and dealerships in the U.S. The companies have completed or initiated a range of solar projects for homeowners, dealerships and corporate facilities that total more than 12.5 MW of solar generation capacity. The two companies have already brought enough solar capacity online to offset more than 400 million pounds of CO2 over a 30-year lifecycle.[i] The $50 million fund is a follow-up to a $65 million fund the companies created in 2013.
The partnership, which is aimed at addressing air pollution and global climate change by reducing CO2 emissions and particulate emissions from home, business and transportation energy use, covers the cost of solar equipment and installation and makes it possible for many homeowners to pay less for solar electricity than they pay for electricity from utilities, with insurance, repairs and monitoring service included.[ii]
Envisioning a future in which personal mobility products will be powered in large part by renewable energy, the two companies have begun implementing co-marketing programs that specifically encourage owners of either solar powered homes or plug-in electric vehicles to adopt the complementary product. The companies have also collaborated on advanced projects that demonstrate the full potential of distributed renewables combined with plug-in electric vehicles, including Honda Smart Home US. SolarCity installed the high-efficiency and cost-effective solar system used in this project.
SolarCity has developed a proprietary system that has greatly simplified the process by which homeowners can go solar. From an initial phone call or Web consultation, SolarCity can quickly assess whether a homeowner is a good candidate for solar, and can design a custom solar system to meet a customer's specific energy needs. Honda and Acura customers and dealers interested in solar can find more information at www.hondasolarcity.com.
"The first phase of this partnership has proven that Honda drivers have a high affinity for solar power, while owners of solar-powered homes have a high affinity for Honda products," said Steven Center, Vice President of the Environmental Business Development Office of American Honda Motor Co., Inc. "As we look toward a future in which renewable energy will be an increasingly pervasive fuel source for personal mobility products, we are excited about capitalizing on the technological, environmental and market opportunities available through partnerships of this nature."
"Our partnership with Honda is creating local jobs and helping to address air pollution, water pollution and climate change," said SolarCity CEO Lyndon Rive. "Honda's commitment is making a difference for the economy and the environment."
Based on its vision of "Blue Skies for our Children," Honda is working to advance technologies that address society's environmental and energy concerns through a diverse lineup of products and technologies, including more fuel-efficient gasoline engines, natural gas, hybrids, plug-in hybrids, battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs).
Today, Honda is targeting a 30-percent reduction in CO2 emissions from its U.S. automobile product lineup by 2020, compared to 2000 levels. In pursuit of its vision for a zero-carbon future, the company is advancing electromotive technologies in many forms, and will introduce an advanced new fuel cell electric car in 2015.
In keeping with its commitment to produce vehicles with the lowest CO2 emissions at plants with the smallest environmental footprint, the company is broadly addressing emissions, energy, water use and waste in all phases of its products life cycles. In the manufacturing realm, this includes a 95 percent reduction in waste sent to landfills in North America. Honda is working to extend its "green factory" and "green purchasing" initiatives to its more than 650 parts suppliers in North America and is also pursuing more environmentally responsible business practices among its U.S. dealers through the company's "Green Dealer" program.
Honda is also demonstrating its vision for zero-carbon mobility and living with the creation of the Honda Smart Home US, in Davis, California, which was opened in early 2014 and is capable of producing more energy on-site from renewable sources than it consumes annually, including enough energy to power a Honda Fit EV for daily commuting.
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs a new customer every minute of the workday. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
[i] Internal calculation based on data from US EPA: http://www.epa.gov/climatechange/ghgemissions/usinventoryreport.html
[ii] This is a limited time offer. 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. 20-year lease or power purchase agreement term applies. Zero Down Payment: $0 due upon contract signing. No security deposit 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. Prepaid: Prepayments are due upon delivery of materials and building inspection. No security deposit required. Not available in all areas, may require local permits or approvals and is subject to change or cancellation without notice prior to customer acceptance. Additional eligibility requirements, terms and conditions apply. Services provided by SolarCity Corporation.
This release contains forward-looking statements including, but not limited to, statements regarding expected customers, potential new products and other future business opportunities. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's registration statement on Form S-1, which has been filed with the Securities and Exchange Commission, which identifies certain of these and additional risks and uncertainties. SolarCity does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.