SolarCity Corp (NASDAQ:SCTY), America’s #1 solar power provider, is making its popular solar service available to homeowners in Greater Houston for the first time. SolarCity makes it possible for area homeowners to go solar for as little as $40 per month, with design, installation, financing, monitoring and a performance guarantee included. SolarCity will also provide and install a Nest Thermostat at no additional cost for qualifying customers.
SolarCity and local retail electricity provider MP2 Energy give Houston-area customers, whose transmission service provider is CenterPoint Energy, access to full net metering benefits through a unique partnership. The partnership allows SolarCity customers that use MP2 as their retail electricity provider to receive retail credit against future electricity use for any solar electricity they provide back to the utility grid during the day.
SolarCity allows customers to purchase a solar power system outright or finance the purchase of a solar system via a customized solar loan, or lease the solar panel system for the benefit of all the solar power it provides. The company has leveraged its installation volume—SolarCity installed more residential solar in 2015 than the next 50 competitors combined—to negotiate extremely favorable terms with financing partners on behalf of its customers. SolarCity also provides battery storage systems to customers that can allow customers to continue to have access to electricity during storm-related power outages. (Original Source)
Shares of SolarCity closed last Friday at $21.32, up $0.09 or 0.42%. SCTY has a 1-year high of $61.72 and a 1-year low of $16.31. The stock’s 50-day moving average is $21.99 and its 200-day moving average is $29.61.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on June 9, Robert W. Baird analyst Ben Kallo upgraded SCTY to Buy, with a price target of $37, which implies an upside of 73.5% from current levels. Separately, on June 7, Credit Suisse’s Patrick Jobin maintained a Buy rating on the stock and has a price target of $38.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ben Kallo and Patrick Jobin have a total average return of 2.8% and -16.5% respectively. Kallo has a success rate of 44.1% and is ranked #992 out of 3974 analysts, while Jobin has a success rate of 25.6% and is ranked #3768.
Overall, one research analyst has rated the stock with a Sell rating, 7 research analysts have assigned a Hold rating and 7 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 $27.33 which is 28.2% above where the stock closed last Friday.
SolarCity Corp. engages in the business of renewable energy services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations.
