SolarCity Files for IPO of Up to $201.3 Million

Solar panel installer SolarCity Corp filed with U.S. regulators to raise up to $201 million in an initial public offering that could help rekindle investor appetite for cleantech stocks.

Shares of solar panel manufacturers have logged terrible performances in the last two years as plunging panel prices erased profits. But those lower prices have spurred demand for solar systems in the United States, helping companies like San Mateo, California-based SolarCity.

SolarCity has expanded rapidly thanks to a business model that allows residential customers to lease solar panels for their roofs. Rather than paying the large upfront costs required for a solar installation, customers pay a monthly fee.

Companies including Google Inc (GOOG.O) and U.S. Bancorp (USB.N) have provided funds to finance SolarCity’s projects. Those investors are able to collect a 30 percent federal tax credit for solar energy systems.

Two of those funds are being audited by the Internal Revenue Service, SolarCity disclosed in its filing on Friday.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Tile Replacement Mount from Quick Mount PV

Tile Replacement Mount from Quick Mount PV

The Tile Replacement Mount provides a fast and easy way to install solar on tile roofs while protecting against water intrusion. Simply remove the tile and replace it with the Tile Replacement Mount. Works with all standard curved and flat tile roofs, and all standard rail-based racking systems. Flashed at both the deck and top levels, the mount is fully engineered to meet code requirements and industry best practices. The Tile Replacement Mount features Quick Mount PV's patented Elevated Water Seal technology for optimal waterproofing. Get a free sample and see for yourself!