SolarCity Corp (NASDAQ:SCTY), America’s #1 solar power provider, continues to expand its offerings inNevada by introducing its unique MyPower solar loan in the state. SolarCity makes it possible for many Nevada homeowners to install and own solar with no upfront cost and pay as much as 20 percent less by going solar than they pay the utility.
MyPower’s financing option allows homeowners to install and own solar panels with no upfront cost and repay their solar loan gradually based on the solar panels’ electricity production. SolarCity will continue to offer its popular power purchase agreement (SolarPPA), which appeals to homeowners who prefer to simply pay for the power that the system produces, and SolarLease, which lets customers go solar for a low monthly fee. All three options can allow many homeowners to pay significantly less for solar than they pay on utility bills to create ongoing savings every month.
MyPower is the most flexible solar loan product on the market. Customers can pay back their loans at any time after installation and have the ability to apply these payments to lower their monthly effective solar electricity rate or pay off their loan early. For example, if customers pay off their loans 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 contentious debate at the end of the state’s legislative session about whether to allow the solar industry to continue after hitting the state-mandated cap on solar installations. (Original Source)
Shares of SolarCity closed yesterday at $55 . 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 $60.41 and its 200-day moving average is $54.41.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on May 7, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Buy rating on SCTY, with a price target of $72, which implies an upside of 30.9% from current levels. Separately, on May 6, Credit Suisse’s Patrick Jobin reiterated a Buy rating on the stock and has a price target of $99.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Dorsheimer and Patrick Jobin have a total average return of -1.5% and 10.5% respectively. Dorsheimer has a success rate of 38.9% and is ranked #3069 out of 3621 analysts, while Jobin has a success rate of 57.1% and is ranked #1146.
The street is mostly Bullish on SCTY stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommend to Hold the stock. The 12-month average price target assigned to the stock is $81.75, which represents a potential upside of 48.6% from where the stock is currently trading.
SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.