EAST BRIDGEWATER, Mass., Sept. 5, 2013 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY) is providing solar electricity directly to the town of East Bridgewater in a move that will significantly cut energy costs for the town. SolarCity has provided the town with more than 10,000 solar panels, and the town pays SolarCity for the electricity the panels produce at a discount to its local utility rates. At 2.45 megawatts of generation capacity, East Bridgewater's project is among the largest solar installations in Massachusetts. The solar panels are expected to produce more than 3 million kilowatt hours of electricity each year—enough power to supply about 350 homes. The town is expected to save as much as $2 million on energy costs over 25 years.
"Massachusetts has benefited from a major increase in solar energy thanks to projects like this one that protect our environment and create jobs," said Governor Deval Patrick. "My thanks go out to the East Bridgewater community for their leadership in adopting these new technologies and investing in a clean energy future that will benefit generations to come."
Electricity generated by the solar field will be sent to National Grid, and result in net metering credits, which will be used to reduce the town's electricity bills. Over the 25-year lifetime of the contract, it is estimated to save the town up to $2 million in energy costs. SolarCity, with Massachusetts operations based in Marlborough, makes it possible for homeowners, businesses, nonprofits and municipalities to have their solar installed for free and pay less for solar electricity than they pay for utility bills.
"The residents of East Bridgewater will be enjoying the benefits of this agreement for decades to come," said Brian Connors, Chair of the East Bridgewater Board of Selectmen.
"We're extremely happy to be helping East Bridgewater cut their energy costs with clean, affordable solar power," said Lee Keshishian, SolarCity's East Coast Regional Vice President. "By saving money, creating jobs and reducing pollution—solar power is win-win-win for East Bridgewater and Massachusetts."
The Green Communities Act of 2008 stimulates renewable energy development in the Commonwealth. A centerpiece of the Act was the establishment of "Net Metering" – a special metering and billing agreement between utility companies and their customers, which facilitates the connection of renewable energy generating facilities to the power grid.
This innovative deal ensures that no town money is spent on the development, construction or maintenance of the solar facility, and that, as the host customer for the facility, the Town will pay less for its power under the agreement.
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 offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding expected savings, expected electricity production, expected electricity offsets and assumptions relating to the foregoing. 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 and identifies certain of these and additional risks and uncertainties.We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
CONTACT: Media Contact Sam Boykin SolarCity (917) 447-2657 firstname.lastname@example.orgSource:SolarCity Corporation