SolarCity Corp (NASDAQ:SCTY) announced energy storage for new homes and a special low, fixed-rate solar power offering for California homebuilders and their buyers.
Founded in 2011, the SolarCity Homebuilder Program currently works with builders across the nation to give many new home buyers the option to add solar power systems without increasing the home’s purchase price, and pay less for solar electricity than they would otherwise pay for utility power.SolarCity also handles everything from design and installation to monitoring and repairs.
Energy Storage for New Homes
The SolarCity Homebuilder Program is now taking orders for solar and home energy storage systems. The new energy storage service, in conjunction with solar power, includes the Tesla Powerwall battery pack, advanced hybrid inverter, monitoring and control systems and a warranty and service agreement. While battery backup is the primary application, depending on utility service territory, SolarCity’s management system may in the future enable the Powerwall to be configured for a broad range of uses including time-of-use shifting and grid response. The Powerwall is quiet and odorless, can be mounted indoors or outdoors and requires no fuel—all significant advantages over traditional backup generators.
Fixed Solar Rates for California Homebuilders
SolarCity’s Homebuilder Program now offers solar energy through homebuilder partners at a cost equivalent to the lowest standard residential electricity rates of California’s largest utilities. This new program provides the benefits of solar energy at no upfront cost to the builder or homebuyer. It also allows new homebuyers who are customers of California’s largest utilities to lock in a fixed solar energy rate for the next 20 years at the lowest standard, tier 1 rate their utility offers at signing.
SolarCity makes it possible for homebuilders to allow many buyers to go solar with no upfront cost and no escalator on annual solar energy costs. The program can provide homeowners in California with security from rising utility rates and significant savings with solar power for the next two decades.
Pardee Homes Selects SolarCity
SolarCity also announced that it has recently been selected by Pardee Homes to provide solar power in select communities. Pardee Homes is a TRI Pointe Homes brand; one of America’s top 25 homebuilders according to Builder Magazine. SolarCity has already installed more than 300 solar homes across 13 Pardee Homes communities in Southern California and the greater Las Vegas area in southern Nevada.
Pardee’s LivingSmart® homes offer renewable solar power from SolarCity in select communities along with many energy and water efficient components, environmentally friendly building materials and family friendly features. The companies expect to offer solar power in two upcoming communities in the Las Vegas area in the coming months as well. For additional information, visit www.PardeeHomes.com. (Original Source)
Shares of SolarCity closed last Friday at $55.86 . SCTY has a 1-year high of $79.40 and a 1-year low of $45.91. The stock’s 50-day moving average is $59.09 and its 200-day moving average is $54.73.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on June 17, Raymond James analyst Pavel Molchanov maintained a Buy rating on SCTY, with a price target of $75, which implies an upside of 34.3% from current levels. Separately, on May 15, Merrill Lynch’s Krish Sankar maintained a Buy rating on the stock and has a price target of $95.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Pavel Molchanov and Krish Sankar have a total average return of 4.0% and 5.1% respectively. Molchanov has a success rate of 53.6% and is ranked #1232 out of 3681 analysts, while Sankar has a success rate of 52.8% and is ranked #1261.
In total, one research analyst has assigned a Hold rating and 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $81.75 which is 46.3% above where the stock closed last Friday.
SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.