SolarCity intros MyPower

SAN MATEO, USA: SolarCity has introduced MyPower today, a first-of-its kind solar financing option that combines the low upfront cost and immediate utility savings of a power purchase agreement (PPA) with the benefits of ownership.

SolarCity customers pay for their MyPower solar loan similar to the way they pay for a solar PPA—based on the energy the system produces from the sun—but they retain ownership of the solar panels. MyPower’s unique structure creates America’s most affordable solar loan—with a lower cost than PPAs in many locations.

MyPower can allow customers to pay as much as 40 percent less for solar power than utility power, and unlike other loans, MyPower allows customers to prepay their entire balance or prepay a portion of their solar loan to lower their monthly payments at any time, with no fees or penalties.