NEW YORK (TheStreet) -- Shares of SolarCity Corp. (SCTY) are higher by 4.22% to $52.41 in early market trading Thursday, after the company partnered with Bank of America (BAC) to finance about $400 million in solar power projects throughout 2014 and 2015.
The new financing agreement will allow thousands of homeowners to install solar panels without upfront costs, and pay less for solar electricity than they currently pay for utility power.
"The new residential program follows Bank Of America's prior commitment to finance more than $200 million in commercial solar power projects with SolarCity, and continues the two companies' long-term partnership to deploy clean energy," said SolarCity in a statement.
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SolarCity currently provides one out of every three new residential solar power systems in the U.S.
San Mateo, CA-based SolarCity provides renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills.
Separately, TheStreet Ratings team rates SOLARCITY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SOLARCITY CORP (SCTY) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally high debt management risk and feeble growth in its earnings per share."