SolarCity (SCTY) Introduces New Solar PV Loan Initiative

SolarCity Corp. (NASDAQ:SCTY) has launched a new solar photovoltaic (“PV”) loan program that will provide numerous customers across 14 U.S. states access to its products at a cheaper rate, along with additional facilities.

With the introduction of the new program, customers will have the option to buy rooftop panels on 10- or 20-year loans instead of leasing them from installers. The loans will offer options that include the installation of a Nest Thermostat at no extra cost, fixed payments and shorter terms. At any time, customers will be able to prepay their total balance or a portion of the loan, reducing their monthly payments with no need for fees or penalties. Moreover, loans will consist of the industry's best service package, including a 20-year warranty, production guarantee and continuous monitoring.

The new solar loans will replace MyPower, which was discarded in Feb 2016. In 2015, SolarCity has beaten other solar installers as MyPower enabled it to give more loans.

Customers will have to pay less for using solar than what they had to pay earlier. They will also benefit immensely from applicable tax credits.

The new loans will be available across 14 U.S. states including Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Mexico, New Jersey, New York, Oregon, Rhode Island, Texas and Washington D.C. The company expects to make the new loan available in more states soon.

SolarCity, the largest U.S. rooftop solar installer, is currently pursuing multiple growth ventures and marketing ploys to strengthen its presence across the nation. The company has also been ramping up its business at an unprecedented rate.

SolarCity currently has a Zacks Rank #3 (Hold).

Stocks to Consider

Better-ranked stocks in the solar sector include ReneSola Ltd. (NYSE:SOL) , JinkoSolar Holding Co., Ltd. (NYSE:JKS) and Yingli Green Energy Holding Co. Ltd. (NYSE:YGE) . While ReneSola sports a Zacks Rank #1 (Strong Buy), both JinkoSolar and Yingli Green Energy carry a Zacks Rank #2 (Buy).

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