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Actionable news in SCTY: SolarCity Corporation,

Why SolarCity (SCTY) Stock Is Soaring Today

NEW YORK (TheStreet) -- SolarCity (SCTY - Get Report) stock is surging by 10.11% to $33.34 in afternoon trading on Wednesday, after the company added its name to a proposal to transition away from New York's current net metering policy.

Net metering allows owners of rooftop power systems to sell excess electricity back to the local utilities at retail prices.

SolarCity joins rival solar companies SunEdison (SUNE) and SunPower (SPWR) as well as some of New York's largest utilities in the project.

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