The company filed a registration statement with the Securities and Exchange Commission (SEC) in order to launch an initial issue of up to $200 million in solar bonds which it will make directly available to customers via a new online investment site.
Income on the solar bonds are to be paid by income received from monthly solar payments made by homeowners, schools, businesses and government organisations across the country. The bonds offer consumers a new alternative to other savings and fixed income investment products, such as savings accounts, CDs, treasury bonds and municipal bonds. This in turn helps to meet a growing appetite for investment opportunities that are both financially attractive and support important goals such as environmental protection and securing jobs.
SolarCity is currently providing more than one out of every three new solar power systems in the US. It has created funds to finance the installation of approximately $5 billion in renewable energy assets with investments from a number of the world’s leading financial institutions and corporations. The new solar bond marks the first time that individual investors will be given access through a public solar bond offering thereby providing a new opportunity to participate in the rapid growth of the US solar industry and the transformation of America’s energy infrastructure to clean power.
The solar bonds will be available online through SolarCity’s investment site to all US investors who are at least 18 years old and meet SolarCity’s eligibility requirements. 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.
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