Elon Musk’s company is now offering loans to their clients to own their solar panels for cheaper lease rates.

Elon Musk’s company is now offering loans to their clients to own their solar panels for cheaper lease rates.

photo: SolarCity.

This loan, offered by Solar City, is called MyPower. It is paid back by the customer by paying for the energy produced by their equipment. And after 30 years, the power is free.

Here’s how it works…. according to Solar City founder and CEO Lyndon Rive, customers take out a 30-year loan on a solar power system at 4.5% interest. Solar City installs and maintains the solar system at no cost to the customer and the customer pays for the power — and in the process, eventually pays off the loan.

Typically loans available for homeowners to fit themselves with solar utilities are usually offered by third-party banks and municipalities in partnership with solar companies, and do not take into account how much power is being produced by the system. That means if the system under-performs, the customer loses money.

Instead, with Solar City’s direct financing, “you only pay based on the production of the system,” which Solar City will monitor and guarantee against drops in performance, Rive says.

One potential drawback to the MyPower program is that solar power will develop significantly over the years, both reducing in cost and rising in effectiveness.

Share:

Facebook
Twitter
Pinterest
LinkedIn

Juicebar Pocket Solar Charger

This stylish, sleek and reliable pocket size Universal Battery Charger (Juicebar Solar Charger) is proven to be your best friend in a situation when conventional electric supply is not available or if you are trying to use eco-friendly renewable power supplies.
Great as a solar phone charger for any type of Mobile Phones, IPhones, PSA, PDA, Mp3 Players, Satellite Navigation, and much more.
Get it HERE.

Solar Garden Lights

SOLAR PATH LIGHTS. Stainless Steel Conical Solar Path Light (Set of 2). Path solar lights are an excellent choice for lighting your garden paths, walkways, driveway perimeters and other regions in your landscape. They are often used in multiples to guide the way along a set of stairs or a dark walk. Featured Stainless Steel Solar Light set uses 2 ultra-bright LEDs for maximum light output and minimum battery usage. The lights are safe around kids and pets and water and corrosion resistant. Read more HERE 

STONE SOLAR SPOT LIGHTS.

Stone Solar Spot Lights (also known as Solar Rock Lights) completely camouflage with existing landscapes and look like any other rock in your garden.

Green Gardener Corner

SOLAR GARDEN FOUNTAINS.
How to start using ecologically friendly energy to power up your garden fountains and other garden water features?
Why not go with a solar powered water pump?
To accommodate your needs the Solar Fountain Pump Systems we carry range from 2 to 8 Watt. Browse our collection of solar water pumps for your fish ponds and solar fountains.
Enjoy your garden water features and your energy savings at the same time. Make a note of the various power levels and the flow rate of the solar water pumps before your purchase.
Please write us your review after your purchase. Your opinion is important to us! 

HOW TO INSTALL A SOLAR PATH LIGHT.

Stone Cylinder Solar Path Lights (Set of 2).
See how easy it is to install a solar light. No wiring required!
In this particular case a ground fastener and a stake are included for quick and easy installation. Read more HERE

Related Posts

Shopping Cart