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October 06, 2012

SolarCity Files $201 Million IPO and has been helped by the Solar Panel Glut

Forbes - Elon Musk's Solar installation startup SolarCity this afternoon filed with the SEC for a $201.25 million initial public offering.

For the six months ended June 30, the company reported revenue of $71.4 million, including $51.7 from solar energy systems sales, and the rest from operating leases. That’s up from $20.3 million in the comparable year-ago period. In the same period, the company lost $23.1 million. For all of 2011, SolarCity reported revenue of $59.6 million.

CBS News - SolarCity and other installers have benefited in recent months by a plunge in the price of solar panels brought on by a worldwide manufacturing glut. The price plunge has crushed the profits of solar-panel makers, but has made solar electricity more competitive with retail electric rates and helped installers market systems to homeowners and businesses.

By combining federal and state subsidies for renewable energy, SolarCity and others can offer to install solar systems for no upfront payment that will lower customers' overall electricity costs.





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