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Direct Energy and SolarCity Sign Multimillion Dollar Deal to Expand Distributed Solar
Direct Energy and SolarCity have undertaken a broad agreement to provide solar electricity directly to businesses.
The two companies have created a dedicated investment fund capable of financing up to $124 million in solar projects for Direct Energy's commercial and industrial (C&I) customers, which is partially funded with up to $50 million from Direct Energy.
Through the arrangement, eligible Direct Energy C&I customers will be able to utilize solar power with little or no upfront cost, depending on the customer's choice of plans, the companies said. Customers will be given a choice to pre-pay for their solar electricity or pay a monthly payment, with installation, insurance, repairs and monitoring service included.
The agreement combines SolarCity's vertically integrated service model with Direct Energy's customer relationships and footprint.
SolarCity has more than 68,000 customers across 14 states, including more than 1,000 commercial and government customers.
Direct Energy Business serves commercial and industrial customers in 14 states, the District of Columbia and five Canadian provinces, providing electricity and natural gas supply and energy management services to more than 180,000 customers.
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September 10, 2013
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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