SolarCity Corp (NASDAQ:SCTY) On The Ground For 4K Solar Panel Project In CT

Posted on Oct 23 2013 - 8:58am by Duncan Oleinic

Boston, MA 10/23/2013 (wallstreetpr) - SolarCity Corp (NASDAQ:SCTY) is running a 1-megawatt solar system project for the South Central Regional Water Authority (WA) in Hamden, CT. This clean energy project will see ground-mounting of at least 4,000 solar panels. As such this is well regarded is the biggest leap forward to clean renewable energy in terms of project size for the state of Connecticut.

Once completed, RWA is expected to see significant cost reduction in its utility power bill as it will pay far less for the solar power. Another prominent advantage for the Authority is that it will reduce water usage and pollution by going the solar energy way.

By enjoying lows cost energy supply from solar system, RWA expects to function more efficiently and pass the benefits to its customers in the form of lower rates, or better still, low rate increases for the services they offer.

This solar energy system project is in-line with RWA’s strategic goals which include promoting environmental sustainability and more efficient operation towards its “Clean and Green” initiative. The energy generated through the ground-mounted solar system will be able to perfectly power well over 120 homes of average size in CT.

According to the project agreement, SCTY will mount the equipments, finance the project and maintain the panels which are expect to give anything in the region of 1.4 million kilowatts-hour of solar energy every year.

SCTY is quickly gaining foothold into alternative energy for businesses, homeowners and municipalities through its simple and affordable packages. In the end, customers are able to save greatly on their utility bills. And with the traditional power rates increasingly becoming expensive and more and more homeowners are seeking for the less expensive ways to power their homes, it means SCTY is looking at a brighter future with brisk business. So far, the solar energy solutions provider has strong presence in at least 14 states and it says that every five minutes, it signs a new customer.

SCTY traded up 3.79% to close $59.70, and its after hour trading also featured positive activity, gaining 0.17% (+0.10).

About the Author

Duncan Oleinic is from New Yourk. After graduating with a degree in physics, he began his career as an analyst in a broking firm. Through this experience he was able to advance to the role of correspondent for a U.S based financial news provider, where he worked from 2001 to 2007. He subsequently joined a merchant banking firm as a financial analyst focused on valuing unlisted companies in the sub-continent. Over the course of his two years here, he performed valuations of several media companies which were later acquired by peers.

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