SolarCity and American Honda Motor Co have announced a partnership aimed at making solar power more affordable to customers in the US by providing a cleaner source of electricity at a lower cost than utility-supplied power.
In a statement, the two companies said their new agreement will address global climate change by reducing CO2 emissions from home, business, and transportation energy use.
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As part of the first step towards this goal, they have established an investment fund of $65 million to assist Honda and Acura customers with the initial cost of solar power installation.
Millions of Honda and Acura customers and hundreds of dealerships in SolarCity’s 14-state service area may be eligible for the special offer, and both companies say they expect to be able to accommodate thousands of interested homeowners in the fund.
The statement said the $65 million fund would “remove a pervasive obstacle to the broader adoption of solar power: the high initial investment associated with installing solar power.”
SolarCity CEO Lyndon Rive, said: “By making it easier and more affordable for its customers to use clean power, Honda is reinforcing the fact that solar is the new normal.
“This is an unprecedented partnership—few companies have made a more substantive or comprehensive commitment to environmental responsibility than Honda.”
Steven Center, vice president of the Environmental Business Development Office of American Honda Motor Co, added: “At Honda, we are always looking at ways to improve the lives of our customers while reducing our environmental footprint.
“We believe Honda and Acura customers are going to be very interested in going solar once they find out that they can install solar at their home with little or no upfront cost, can lower their monthly utility bill, and can make a positive contribution to protecting the environment.”
Honda and Acura dealerships in SolarCity’s service territory may also be able to take advantage of the offer to install affordable solar power through the partnership.
Additionally, Honda and SolarCity will explore opportunities to integrate solar power and electric vehicle recharging, envisioning a future in which Fit EV and Accord Plug-In Hybrid owners will be able to charge their cars from the power of the sun, thereby reducing household CO2 emissions to nearly zero.