SolarCity has partnered with Honda to establish a $65 million investment fund to make solar power more affordable and available to Honda and Acura customers in the U.S.
SolarCity has partnered with Honda to establish a $65 million investment fund to make solar power more affordable and available to Honda and Acura customers in the U.S.
The fund is intended to remove a common obstacle to the broader adoption of solar power — the high initial investment associated with installation. SolarCity and Honda say they expect to accommodate thousands of interested homeowners and dealerships in SolarCity’s 14-state service area in the fund.
Participants will be able to install solar power with little or no upfront cost, depending on whether they elect to pre-pay for their solar electricity or pay a monthly installment, which includes insurance, repairs and monitoring services. They can also make energy-efficiency upgrades such as weatherization and more efficient heating and cooling that can further reduce their home energy consumption.
The partnership also will explore opportunities to integrate solar power and electric vehicle (EV) recharging, building towards a future in which EV owners will be able to charge their cars from the power of the sun, reducing household carbon emissions to nearly zero.
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“By making it easier and more affordable for its customers to use clean power, Honda is reinforcing the fact that solar is the new normal,” said SolarCity CEO Lyndon Rive.
SolarCity offers service in all or parts of Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Maryland, Massachusetts, New York, New Jersey, Oregon, Pennsylvania, Texas and Washington.
Making EV charging stations carbon neutral through renewable sources such as solar goes hand-in-hand with the widespread adoption of EVs. Google, GM, Nissan, 3M and several others recently joined a Department of Energy initiative encourage EV adoption by increasing access to charging stations at workplaces.
@Bart_King is a freelance writer and communications consultant. @mikehower contributed.
Published Feb 25, 2013 10am EST / 7am PST / 3pm GMT / 4pm CET
Bart King is the founder and principal at New Growth Communications. He specializes in helping sustainability leaders develop thought leadership content and strategy