The largest US PV installer SolarCity has announced its third quarter results with residential installations hitting 60MW, a 151% increase on the same period last year.
Total installation reached 78MW and revenue grew 52% to US$48.6 million.
The companies long-term contracts with customers are worth US$1.7 billion, up from US$1.1 billion last year.
“We had a great quarter, a very busy quarter,” CEO Lyndon Rive said on a call with analysts.
The company announced a number of partnerships and acquisitions including deals with electricity sellers Direct Energy and Viridian, customer acquisition specialist Paramount Solar and mounting manufacturer Zep Solar.
Rive said the Zep deal, which he said was yet to be concluded, would have a positive impact on new customers.
“It reduces the installation costs and it reduces the customer’s installation time. This is important, they don’t want to have to take two days off work. It will improve the aesthetics as well. No solar system will look better than ours,” said Rive.
The company recently announced it was offering a US$54 million funding round that securitised solar assets, a first for the industry. It was not able to comment on the deal, citing tough SEC regulations.
Shares dipped following the results as investors cashed in on the company’s meteoric rise since its IPO.