Moving America Forward

With This One Step, Elon Musk Turned SolarCity From a Panel Installer Into a Utility Company

November 26, 2013
by
Menu
With This One Step, Elon Musk Turned SolarCity From a Panel Installer Into a Utility Company
Araya Diaz/Getty Images
You’ll be surprised by how many customers have already signed up

Some industry analysts predict that solar companies will replace utility companies this century. Elon Musk just gave that prediction a lot more credibility. Musk’s solar company, SolarCity, announced that it is on track to raising $54.4 million from private investors. The company has roughly 68,000 signed contracts in the United States. The financial plan is remarkable because it is a first for a solar company; it means, as Fast Co.Exist notes, “SolarCity is financing itself as a utility might.” Other solar companies may soon follow, and soon after, all our roofs will be paved with panels.

Sources: FastCo.Exist

[Image: Araya Diaz/Getty Images for TechCrunch]

Comments