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SolarCity and Honda Partner to provide solar power to Honda and Acura customers and dealerships

Thursday, Feb 21, 2013

SolarCity® (Nasdaq: SCTY) and American Honda Motor Co., Inc., today announced a partnership to make solar power more affordable and available to Honda and Acura customers in the U.S., providing a cleaner source of electricity at a lower cost than utility-supplied power. The partnership, which is aimed at addressing global climate change by reducing CO2 emissions from home, business, and transportation energy use, establishes an investment fund to finance $65 million in solar projects to assist Honda and Acura customers with the initial cost of solar power installation. Millions of Honda and Acura customers and hundreds of dealerships in SolarCity’s 14-state service area may be eligible for the special offer, and SolarCity and Honda expect to be able to accommodate thousands of interested homeowners in the fund.*

“This is an unprecedented partnership—few companies have made a more substantive or comprehensive commitment to environmental responsibility than Honda.”

Honda and Acura dealerships in SolarCity’s service territory may also be able to take advantage of the offer to install affordable solar power through the partnership. Additionally, Honda and SolarCity will explore opportunities to integrate solar power and electric vehicle recharging, envisioning a future in which Fit EV and Accord Plug-In Hybrid owners will be able to charge their cars from the power of the sun, thereby reducing household CO2 emissions to nearly zero.

Honda, recognized for its leadership in producing fuel-efficient, low-emission vehicles, and SolarCity, America’s leading full-service solar power provider, have established the $65 million investment fund to remove a pervasive obstacle to the broader adoption of solar power: the high initial investment associated with installing solar power. Through the partnership, the first for any automaker, Honda and Acura customers and dealerships will be able to install solar power with little or no upfront cost, depending on the customer’s choice of plans. Customers will be given a choice to pre-pay for their solar electricity or pay a monthly payment that will be lower than the cost of their current utility bill, with insurance, repairs and monitoring service included.

SolarCity has developed a proprietary system that has greatly simplified the process by which homeowners can go solar. From an initial phone call or Web consultation, SolarCity can quickly assess whether a homeowner is a good candidate for solar, and can design a custom solar system to meet a customer’s specific energy needs. In addition to offering affordable solar power, the partnership will enable owners of Honda and Acura products to make energy-efficiency upgrades—such as weatherization and more efficient heating and cooling—that can further reduce their home energy consumption.

SolarCity offers service in all or parts of Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Maryland, Massachusetts, New York, New Jersey, Oregon, Pennsylvania, Texas and Washington. Honda and Acura customers interested in these new clean energy options can find more information at www.hondasolarcity.com.

Source: Business Wire

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