Honda partners with SolarCity on US$65m solar fund in US

Image via SolarCity
Honda partners with SolarCity on US$65m solar fund in USSolarCity installation at a Honda dealership on Long Island, New York.

Honda is teaming up with solar power company SolarCity to create a US$65m fund so car buyers and dealerships in the US will be able to avail of discounts when installing rooftop solar panels.According to SolarCity, the fund will be available to Honda and Acura customers in the US to help them with the initial cost of installing solar panels.

The company said Honda and Acura customers and dealerships in SolarCity’s 14-state service area may be eligible for the offer.

According to a report on Reuters, between 2,500 and 3,000 homes in states serviced by SolarCity will qualify for discounts worth around US$400 on solar panel systems. This will be in addition to between 10 and 20 Honda dealerships.

The new fund will allow people to either pre-pay for their electricity or pay a monthly payment fee.

“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,” said Steven Center, vice-president of the environmental business development office of American Honda Motor Co.

The two companies also indicated their plan to explore opportunities to integrate solar power and electric vehicle recharging.

“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,” said SolarCity CEO Lyndon Rive.

Ford has also recently revealed a collaboration involving six companies, including SunPower, to create future energy-efficient homes. SunPower’s involvement in the initiative, dubbed MyEnergi Lifestyle, is for homes to integrate rooftop solar systems in order to save on energy costs.