Solar company announces rooftop-solar loan program

CARSON CITY — A national solar company announced Thursday it has a new way for Nevadans to get immediate benefits from installing rooftop solar without any upfront costs.

SolarCity is now offering its MyPower solar loan, which makes it possible for many Nevada homeowners to install and own and pay, on average, 15 percent to 20 percent less than they currently pay for utility power.

MyPower’s financing option will allow homeowners to install and own solar panels and repay their solar loans gradually based on the solar panels’ electricity production.

Jonathan Bass, vice president of communications for the country’s top solar provider, said the program will make solar attractive to homeowners who want the benefits but don’t have $15,000 or $20,000 to pay for the full upfront cost of a solar installation.

The program will allow customers to borrow to install rooftop solar, repay the loan over time and still see a reduction in their monthly utility bills, he said.

“We believe in giving customers options,” Bass said.

MyPower will allow customers to pay back their loans at any time after installation. For example, if customers pay off their loan in full after 10 years, they will still be covered by the 30-year production guarantee, warranty and monitoring package.

For Nevadans, the availability of MyPower shows consumer options continuing to expand following a debate at the end of the state’s legislative session about whether to allow the solar industry to continue after hitting a state-mandated cap on solar installations, which could come as early as this summer.

The Legislature directed the Public Utilities Commission to create a new rate plan by the end of the year that will allow the rooftop-solar industry to continue to grow in Nevada.

Contact Capital Bureau reporter Sean Whaley at swhaley@reviewjournal.com or 775-687-3900. Follow @seanw801 on Twitter.