The largest installer of residential and commercial PV systems in the US, SolarCity expects to nearly double solar installations next year.
The distributed energy provider had previously guided 2013 installations to reach 278MW in 2013, while SolarCity expects installations to reach between 475MW – 525MW in 2014.
SolarCity is also issuing a convertible note that could generate net proceeds with over allotment of up to US$143.8 million, less expenses.
The company noted that for the third quarter of 2013, PV installations reached 78MW with cumulative energy contracts reaching 72,506, and cumulative customers increasing to 82,235.
The use of third-party ownership (TPO) has been increasing significantly in the US in recent years. GTM Research has previously said that the TPO market was worth US$1.3 billion in 2012 and was forecasted to reach US$5.7 billion in 2016.
SolarCity has also been acquiring firms to lower both customer acquisition costs as well as PV installations with the recent acquisition of system mounting specialist, Zep Solar. A major PV module supplier to SolarCity is Yingli Green Energy.