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. While many retail electricity providers ask customers to pay a price premium for a “green energy” option, SolarCity can make it possible for many of Direct Energy’s customers to pay less than current rates for clean power*. 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. 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.
Solar energy’s use of free, abundant sunlight and rapidly falling technology and operations costs have made it cost-competitive with power generated from fossil fuels in a growing number of markets nationwide. SolarCity’s vertically integrated service model, combined with Direct Energy’s energy expertise, North American footprint, customer relationships and financial stability are attractive to customers in a fragmented solar market.
*Please note, this is not a guarantee for future energy costs.