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The Foster City business has raises $56 million in venture capital and equity financing and is the largest residential installerdin California. The money will help the companyt expand into other states in additionb to Oregonand Arizona. The relationshio with Phoenix-based First Solar (NASDAQ: marks SolarCity’s first foray into thin film solard panels. The company has to this poing installed silicon-based panels like those producedby ESLR), (NYSE: BP) and KYO) and will add First Solar’s to the mix.
“Ouer company is on a fantasti trajectory with seeing really aggressiveadoptionm (of solar) and there’s not one technologyg solution that fits for all customers,” said Lyndonj Rive, CEO of SolarCity. As part of the First Solar will supply 100 megawatts of thin film panels to SolarCitgy over the nextfive years. First Solar’e thin film panels use cadmium telluride toabsorb sunlight. Firsgt Solar is producing its thin film panelsat $1.14 per watt this year comparedd to silicon panels that average $2.50 per watt.
But thin film is also less which means it requires larger panels and therefore more roof spaces to produce the same amount of electricithas silicon-based panels. “What I really like abouy it isthe look,” Rive said. “It’ s a very good lookingv module.” First Solar’s panels will help the company driv e down costs in itslease program, which offers residentiak customers in some markets the opportunity to lease thei r panels at a lower cost than what they pay for But with the more expensived silicon-based panels, SolarCity can only offer immediate cost savings in placea like San Francisco and Berkeley where extra incentives are available to solar customers on top of what the statde and federal government already offers.
With thin film, SolarCity can offer immediate cost savings in more markets in theUnitee States, Rive said.
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