American Honda partners with SolarCity on $65M fund for solar projects

Article by Anita Panait, on February 21, 2013

American Honda Motor Co., Honda Motor Co's unit in the United States, has reached a partnership agreement with solar power firm SolarCity Corp on a $65-million fund to help its customers and dealerships finance solar projects. The fund is expected to finance solar power systems for between 2,500 and 3,000 residential homes in the US, as well as 10 to 20 dealerships.

SolarCity, which installs and maintains the panels, has raised similar funds from banks like US Bancorp and from Google Inc. This will be the first time that SolarCity is partnering with a carmaker, according to Steve Center, the company’s vice president of the environmental business development office.

Center said that they have some of the most sought after customers in the marketplace. With the funds, homeowners will now just have to pay a monthly fee for their solar panels, rather than paying for them all at once. Such financing in the solar industry has made households who could not afford solar panels consider the power system.

The partnership is part of Honda's goal to cut its greenhouse gas emissions by 50 percent by 2050, the carmaker’s executives said. As the owners of the panel systems, Honda and SolarCity could claim a federal tax credit valued at 30 percent of the value of the system.

SolarCity chief executive Lyndon Rive told Reuters that he hopes that the partnership sends a message to other corporations to follow. Honda customers could claim an additional $400 discount more than what they would directly receive from SolarCity.

Topics: honda

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Volvo has revealed that while its products are used by a number of police organizations around the world, it will be the Swedish police that will get the first chance...
by - December 2, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries