The company didn't announce results, but "metrics." It said it installed 78 megawatts of power during the third quarter, and is on track to install 278 MW for the full year, and about 500 MW next year.
It didn't say how much money it would make from all this, and in fact it has only come near to breaking even once, in the fourth quarter of 2012.
But it's looking at a growth rate of 90% next year, and since these are solar leases, it continues to own the contracts, which should generate $1.74 billion in cash over their working lives. The debt load on those assets has been falling steadily, and at the end of June was just 18% of the assets' value.In a solar lease, the installer finances and controls the panels, and the roof owner agrees to pay for power from those panels over a set period. The Solar Energy Industries Association has said 68% of California's residential projects were financed this way in the second quarter of 2013, up from 48% two years ago. Institute for Local Self Reliance indicates there will be more than 16,000 megawatts of production there this year from commercial and residential installations, 6.9% of the total market, with the state's utilities targeting 20% of their load from solar overall.
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