SolarCity – Statistics and Facts

Konrad Wolfenstein

6 years ago

Tesla, Zep Solar and Stanford University with Google, eBay, Intel and Walmart

SolarCity – Image: Xpert.Digital & ZHMURCHAK|Shutterstock.com

SolarCity is a US-based publicly traded company headquartered in San Mateo, California, that designs, sells, installs, and, upon request, finances, leases, and operates solar power systems. It also supplies electricity and designs, installs, and operates charging stations for electric vehicles. The company was acquired by Tesla in 2016.

SolarCity was founded in July 2006 by Peter and Lyndon Rive. The company was based on a concept proposed by Elon Musk, the company's current chairman and cousin of the two brothers. Musk is also CEO and CTO of SpaceX and CEO and product architect at Tesla Motors. Since its founding, SolarCity has become one of the leading residential solar companies in the United States.

SolarCity's headquarters are currently located in San Mateo, California, but the company also has more than 75 local operations centers nationwide. It serves customers in 19 states and has helped install solar systems for homeowners, schools like Stanford University, government agencies, and commercial clients such as Walmart.

SolarCity offers a variety of products and services through a distributed service model. In addition to solar technology, the company is also active in the electric vehicle charging market. Through a partnership with Rabobank, SolarCity enabled Tesla owners to charge their vehicles for free along Route 101 in California, between Los Angeles and San Francisco. Regarding energy storage, SolarCity also launched a pilot program to test the Tesla and Panasonic's Powerwall storage system in 500 California homes.

A number of well-known investors support SolarCity, and its most prominent funding partners include Morgan Stanley and Bank of America. In 2011, SolarCity and Google established a $280 million fund to finance solar installations in US residential buildings. In 2015, nearly $161 billion was invested worldwide in solar energy technologies.

At the beginning of 2013, SolarCity was the second-largest US company in this field with 333 megawatts of installed solar power capacity (behind First Solar and ahead of E Light Wind and Solar and Quanta Power Generation). By the end of 2013, the company operated 31 offices in 14 US states. In addition to tens of thousands of homeowners, its customers included over 100 schools and universities, including Stanford University, government agencies such as the US Armed Forces and the Department of Homeland Security, and large corporations like eBay, Intel, and Walmart.

In 2015, SolarCity installed 502 megawatts, ranking third in the USA behind First Solar (1023 megawatts) and Mortenson Construction with 512 megawatts.[5]

In 2016, SolarCity installed a solar power plant on the island of Taʻū in American Samoa to provide a more environmentally friendly electricity supply, as the island had previously relied on diesel generators. The solar plant generates 1.4 megawatts, and the energy is stored in 60 Tesla Powerpacks with a total capacity of 6 megawatt-hours.

On November 21, 2016, the company was acquired by Tesla for US$2.6 billion.

According to the company, it has now equipped more than 300,000 houses with a solar power system.

In October 2013, SolarCity acquired its mounting technology supplier, Zep Solar, for US$158 million. The company, founded in 2009, continues to operate as an independent business unit.

Zep Solar was founded in 2009 by Jack West, Christina Manansala, and Daniel Flanigan with the backing of the Silicon Valley investment firm Aquillian Investments. The company's goal was to develop and produce robust and easy-to-handle mounting frames and connectors for solar panels, suitable for all types of roofs and other installation locations. By significantly reducing installation costs, Zep Solar aimed to contribute to the energy transition towards renewable energy. By 2013, Zep Solar was producing a wide range of mounting components and had also licensed its products to 12 solar module (frame) and solar panel manufacturers.