This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Direct Energy And SolarCity Sign Multimillion Dollar Deal To Provide Solar Electricity To Businesses

PITTSBURGH and SAN MATEO, Calif., Sept. 10, 2013 (GLOBE NEWSWIRE) -- Direct Energy and SolarCity® (Nasdaq:SCTY) have undertaken a broad agreement to provide solar electricity directly to businesses. The two companies have created a dedicated investment fund capable of financing up to $124 million in solar projects for Direct Energy's commercial and industrial (C&I) customers, which is partially funded with up to $50 million from Direct Energy. While many retail electricity providers ask customers to pay a price premium for a "green energy" option, SolarCity can make it possible for many of Direct Energy's customers to pay less than current rates for clean power*. Through the arrangement, eligible Direct Energy C&I customers will be able to utilize 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, with installation, insurance, repairs and monitoring service included.

Solar energy's use of free, abundant sunlight and rapidly falling technology and operations costs have made it cost-competitive with power generated from fossil fuels in a growing number of markets nationwide. SolarCity's vertically integrated service model, combined with Direct Energy's energy expertise, North American footprint, customer relationships and financial stability are attractive to customers in a fragmented solar market.

"Solar is a viable opportunity that positions Direct Energy Business as a total energy management service provider for commercial and industrial customers," said Mike Senff, head of U.S. sales, marketing and 360Direct for Direct Energy Business. "Solar complements Direct Energy Business' other product offerings while supporting our customers' corporate sustainability goals."

SolarCity is America's No. 1 full-service solar power provider in the U.S. with more than 68,000 customers across 14 states, including more than 1,000 commercial and government customers. SolarCity has created 28 investment funds to date. Direct Energy Business serves commercial and industrial customers in 14 states, the District of Columbia and five Canadian provinces, providing electricity and natural gas supply and energy management services to more than 180,000 customers. Direct Energy Business is part of Direct Energy, North America's largest competitive retail energy supplier, with more than six million customer relationships across the continent.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs