SolarCity introduces solar lease to customers of nation's largest municipal

SolarCity® today announced the availability of its award-winning solar leasing option (SolarLeaseT) to customers of Los Angeles Department of Water and Power (LADWP), the nation's largest municipal utility. SolarCity's lease combines with LADWP's generous solar rebates, among the
highest of any U.S. utility, to make solar power as affordable for Los Angeles homeowners as anywhere in the nation. A SolarCity solar lease of a 4-kilowatt solar system, appropriate for a typical 3-bedroom home in Los Angeles, would start at $55 per month, with no money down, on approved
credit.

LADWP provides more than 1.4 million customers in the Los Angeles area with electricity. Erik Solter, a homeowner in Canoga Park in the San Fernando Valley, is among the first group of LADWP customers to sign up for SolarLease. "I've always wanted to be greener but I've been waiting for an
option that makes financial sense," says Solter. "With SolarCity's SolarLease I can adopt solar power for less than I used to pay for electricity and help LADWP conserve energy."

SolarCity's solar leasing option for LADWP customers is a 20-year lease with fixed monthly payments for the life of the lease, so savings increase over time if electricity rates rise. The first month's payment is due when the system is turned on. SolarCity's lease option includes financing,
design, installation, a performance guarantee, the company's Web-based SolarGuardT monitoring service, and repair service.

"LADWP and Mayor Villaraigosa are continually working to increase the use of solar power in Los Angeles," said Lyndon Rive, CEO of SolarCity. "More than 1,000 LADWP customers have already inquired about our solar lease option, and we're hiring 25 new installers in the Los Angeles area to help meet the demand."

LADWP customers interested in SolarCity's new lease option can estimate their solar lease payment and potential electricity savings online by using SolarCity's solar calculator, available at www.solarcity.com. The solar calculator incorporates information about LADWP rates, incentives, local weather and solar production to create a customized estimate for each customer.

Source: Global Solar Technology