New SolarCity Deal Will Double U.S. Rooftop Solar Power

Residential solar power provider SolarCity and the U.S. government announced a deal to put solar panels on military housing units, a move that could double the number of rooftop solar power installed in the United States. The complex plan calls for SolarCity to receive a $344 million Department of Energy-backed loan from financiers U.S. Renewables Group and Bank of America. SolarCity will then use the money to put up to 160,000 rooftop solar installations on top of privately run military housing complexes at 124 military bases across 34 states. SolarCity will own and operate the solar panels, and the companies that own the housing units will send a monthly check to SolarCity for the electricity. For the government, the deal allows the U.S. military to move toward its goal of getting 25% of its electricity from renewable power by 2025. It also furthers the Energy Department's goal of supporting the commercialization of solar power. "This is the largest domestic residential rooftop solar project in history," Energy Secretary Steven Chu said in a statement announcing the deal. "It can also be a model for other large-scale rooftop solar projects that help America regain its lead in the solar industry." SolarCity, which recently received major financial backing from Google, the deal is a windfall. The company has installed 16,000 rooftop units since its founding in 2006, so this program will boost its business by a factor of ten. "This is a massive kick of momentum for the company," said Lyndon Rive, SolarCity's CEO and founder. The SolarCity award shows that the Government is not giving up its loan guarantee program or its push for green jobs. SolarCity predicts that the initiative will create 6,000 jobs over the next five years.