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SolarCity and American Honda Motor Co., Inc., announced this week a partnership to make solar power more affordable and available to Honda and Acura customers in the U.S.
The partnership is establishing an investment fund to finance $65 million in solar projects to assist Honda and Acura customers with the initial cost of solar power installation.
Many Honda and Acura customers and dealerships in SolarCity’s 14-state service area may be eligible for the special offer. SolarCity and Honda expect to be able to accommodate thousands of interested homeowners in the fund.
Honda and Acura dealerships in SolarCity’s service territory may also be able to take advantage of the offer to install affordable solar power through the partnership.
Additionally, the partnering companies said they will explore opportunities to integrate solar power and electric vehicle recharging, envisioning a future in which Fit EV and Accord Plug-In Hybrid owners will be able to charge their cars from the power of the sun, thereby reducing household CO2 emissions to nearly zero.
Honda and SolarCity have established the $65 million investment fund to remove what both companies qualify as a pervasive obstacle to the broader adoption of solar power: the high initial investment associated with installing solar power.
Through the partnership, the first for any automaker, Honda and Acura customers and dealerships will be able to install solar power with little or no upfront cost, depending on the customer’s choice of plans.
Customers will be given a choice to pre-pay for their solar electricity or pay a monthly payment that will be lower than the cost of their current utility bill, with insurance, repairs and monitoring service included.
SolarCity said it has developed a proprietary system that has greatly simplified the process by which homeowners can go solar. From an initial phone call or Web consultation, SolarCity can quickly assess whether a homeowner is a good candidate for solar, and can design a custom solar system to meet a customer’s specific energy needs.
SolarCity offers service in all or parts of Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Maryland, Massachusetts, New York, New Jersey, Oregon, Pennsylvania, Texas and Washington.
Honda and Acura customers interested in these new clean energy options can find more information here.