SolarCity has introduced its MyPower financing program for residential solar installations. The company says the option combines the features of a loan and a power purchase agreement.
Under the plan, SolarCity customers repay the loan based on the energy the system produces, while retaining ownership of the solar panels. Payments may be made against the loan balance or through payments pegged to the electricity produced by the solar panels. The plan enables customers to pay off chunks of the balance without fees or penalties.
SolarCity has rolled out its MyPower loan option to customers in Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey. The company says it plans to expand the product to other regions at a later date.