Honda, SolarCity Partner to Finance $65 Million in Solar Projects
SolarCity and American Honda Motor Co. have established an investment fund to finance $65 million in solar projects to assist Honda and Acura customers with the initial cost of solar power installation.
Millions of Honda and Acura customers and hundreds of dealerships in SolarCity’s 14-state service area may be eligible for the special offer. SolarCity and Honda are targeting homeowners as well as Honda and Acura dealership owners.
The companies have established the $65 million investment fund to remove a pervasive obstacle to the broader adoption of solar power: the high initial investment. Through the partnership, Honda and Acura customers and dealerships will be able to install solar power with little or no upfront cost, depending on the customer’s choice of plans. Customers will be given a choice to pre-pay for their solar electricity or pay a monthly payment that will be lower than the cost of their current utility bill, with insurance, repairs and monitoring service included.
From an initial phone call or web consultation, SolarCity can quickly assess whether a property owner is a good candidate for solar, and can design a solar system to meet a customer’s specific energy needs. In addition to offering solar power, the partnership will enable owners of Honda and Acura products to make energy-efficiency upgrades, such as weatherization and more efficient heating and cooling.
Honda and SolarCity are also exploring opportunities to integrate solar power and electric vehicle recharging, envisioning a future in which Fit EV and Accord Plug-In Hybrid owners will be able to charge their cars from the power of the sun.
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