SolarCity launched the nation’s first registered public offering of solar bonds to individuals.
The company filed a registration statement with the Securities and Exchange Commission (SEC) to issue up to $200 million in solar bonds initially, and launched a new online investment site (solarbonds.solarcity.com) to make the investments available directly to consumers.
SolarCity says it is is currently providing more than one out of every three new solar power systems in the U.S. The company has a sales and installation center in Seaford and plans another in the Newark area.
The earnings on its solar bonds are to be paid by income received from monthly solar payments made by homeowners, schools, businesses, and government organizations.
Solar bonds offer consumers a new alternative to other savings and fixed income investment products—such as savings accounts, CDs, treasury bonds, and municipal bonds – and meet a growing appetite for investment opportunities that are both financially attractive and support important goals such as protecting the environment and creating American jobs, the SolarCity release stated.
SolarCity has created funds to finance the installation of approximately $5 billion in renewable energy projects with investments from a number of institutions and corporations.
Solar bonds will be available online through SolarCity’s investment site to all U.S. investors who are at least 18 years old and meet SolarCity’s eligibility requirements, with no fees for purchase. Investors will be able to purchase solar bonds for as little as $1,000, with maturities ranging from one year to seven years and interest rates of up to 4 percent. Bonds are not federally insured.
