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SolarCity Launches Solar Service in Western Pennsylvania

SolarCity Corp. SCTY has enhanced its footprint and introduced its solar photovoltaic (“PV”) service in Western Pennsylvania. The company will make its service available to most of the residents of the region.

Customers will be able to install solar systems without any upfront cost and will have to pay less for solar electricity than utility power. They will only have to pay a monthly charge of $30, which will cover design, installation, financing, insurance, monitoring as well as a performance guarantee.

SolarCity has already begun accepting applications from interested residents. The company plans to commence solar installation this summer itself on a first-come, first-served basis. Initially, the service will be extended to customers in the Duquesne Light service territory.

In an attempt to improve customer service, the company plans to open of an operations center in the Pittsburgh area. It has already initiated the appointment of local people for the installation, sales and related positions. Once recruitment is complete, SolarCity expects the new operations center to employ over 75 people.

After the Philadelphia metro region, Pittsburgh will be SolarCity’s second market in the state. This will be one of its approximately 80 offices across 19 states.

This marks a novel initiative undertaken by this solar company for providing clean energy to individual residences at a low fixed monthly cost, thereby resulting in a substantial reduction in the household’s total electric bill over a period of 20 years.

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 #4 (Sell).

Zacks Rank

Some better-ranked stocks in the solar space are SunPower Corporation SPWR, ReneSola Ltd. SOL and Vivint Solar, Inc. VSLR. While SunPower and ReneSola sport a Zacks Rank #1 (Strong Buy), Vivint Solar carries a Zacks Rank #2 (Buy).

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RENESOLA LT-ADR (SOL): Free Stock Analysis Report
 
VIVINT SOLAR (VSLR): Free Stock Analysis Report
 
SOLARCITY CORP (SCTY): Free Stock Analysis Report
 
SUNPOWER CORP-A (SPWR): Free Stock Analysis Report
 
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