SAN MATEO, Calif. and STAMFORD, Conn., Sept. 23, 2013 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq: SCTY ), America's No. 1 full-service solar power provider, and Viridian Energy, a pioneer of affordable clean energy among retail electricity providers, are teaming up to offer solar electricity directly to homeowners at a discount to their current electricity rates through Viridian's 20,000-contractor network.
SolarCity provides customers with free solar panel installation, and makes it possible for them to pay less for the solar electricity than they currently pay for utility bills, with permitting, installation, insurance, monitoring, and repairs included. Through Viridian and SolarCity, customers are able to have access to clean power at any time of day while reducing their utility bills. They can generate their own clean energy with a solar power system from SolarCity during the day and continue to choose Viridian's affordable green energy at night and other times when available solar power has been consumed.
"Viridian and SolarCity have made clean energy more accessible and affordable to a wide range of American homeowners," said SolarCity CEO Lyndon Rive. "This partnership will help far more homeowners realize that it's possible for them to pay less for solar electricity than they pay for utility bills."
Viridian will offer SolarCity's popular solar power services both to new and existing customers through its extensive network of independent contractors. Viridian will offer SolarCity products and services beginning in its New York, New Jersey, Connecticut, Massachusetts, Maryland and Delaware markets with an expectation to further expand the reach of this partnership in 2014. Viridian currently has more than 230,000 customers in the U.S.
"It is our belief that people want to live a greener lifestyle. Since inception, Viridian Energy has been dedicated to providing clean energy for homes and businesses that is also cost effective," said Michael Fallquist, founder and CEO of Viridian Energy. "The addition of SolarCity products deepens our offerings and allows customers another way to live a greener lifestyle. We are pleased to announce the addition of SolarCity products to our customers."
SolarCity's solar power systems typically produce the most energy in the middle of the day, when the sun is brightest, and provide any unused energy back into the grid to be consumed at the nearest point of demand. SolarCity customers typically receive credit for putting excess green power into the grid, which can be used to offset their remaining utility bill. Viridian's energy is used at night, or at any other time when more power is needed than is being generated with solar panels. In this way, SolarCity and Viridian can provide a clean power option far more affordably than is otherwise possible.
Viridian will begin making SolarCity services available to its customers this week. More information is available at www.viridian.com .
About Viridian Energy
Viridian Energy is a socially responsible retail energy supplier that provides greener electricity and clean-burning natural gas at affordable prices. The company services commercial and residential electricity and natural gas customers in Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Washington, D.C., and Virginia with electricity derived from renewable sources and natural gas. Viridian is a member of the Crius Energy family of best-in-class energy brands. Additional information is available at www.viridian.com .
About SolarCity
SolarCity® (Nasdaq: SCTY ) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter .
This release contains forward-looking statements including, but not limited to, statements regarding the number of homeowners that will be able to take advantage of the offer, potential expansion of the partnership, and the benefits to SolarCity and Viridian. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's registration statement on Form S-1, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. SolarCity does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Jonathan Bass SolarCity (650) 963-5156 Jennifer Webb Viridian Energy 212-221-1616
