SolarCity Announces Fund to Finance more than $350 Million in Residential Solar Projects with J.P. Morgan

SolarCity (Nasdaq: SCTY) today announced an investment fund expected to finance more than $350 million in solar power projects with J.P. Morgan. The fund is the second created by the two companies, and a follow-up to a fund created to finance approximately $170 million projects in 2013. The financing makes it possible for thousands of American homeowners to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility bills.

SolarCity, the nation’s #1 solar service provider, is currently providing more than one out of every three new solar power systems in the U.S.1 The company supports its customers with the largest in-house service footprint in the industry—its more than 65 operations centers serve 15 states. J.P. Morgan is a global leader in renewable energy investment. Since 2003, the company has financed more than $1.4 billion of renewable generation capacity in wind, solar and geothermal projects.

[1] Source: GTM Research U.S. Solar Market Insight Report Q3 2014

This release contains forward-looking statements including, but not limited to, statements regarding future projects and available funding. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled “Risk Factors” in SolarCity’s quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

About SolarCity
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs up approximately one new customer every minute of the work day. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.