SolarCity Corp (SCTY): Rooftop Solar Could Bring $14MM in Benefits to Nevada Residents

SolarCity Corp (SCTY)

SolarCity Corp  has released a new paper that they hope will help heal their troubled relationship with the State of Nevada. Partnering with the Natural Resources Defense Council (NRDC), the solar firm notes that rooftop solar could provide Nevada residents with millions of dollars in benefits each year. This comes as the state debates to reverse its net metering rates from earlier this year.

SolarCity Corp Espouses Benefits of Rooftop Solar

SolarCity really wants you to get rooftop solar panels. And it will use data to encourage you.

SolarCity Corp (SCTY)

Rooftop solar generation could offer Nevada residents between $7 and $14 million annually.

A new report released by the firm on Tuesday found that rooftop solar creation could offer 1.6 cents per kilowatt-hour of energy created. If you add health and environmental aspects to the mix then those benefits could rise to 3.4 cents per kilowatt-hour.

Due to these benefits, the peer-reviewed paper is urging policymakers and regulators to act. One way it can use these numbers is to build an advanced power grid. When applying these benefits into the rating process, utility users could see the cost-savings. At the same time, the state would have a much cleaner and cheaper power grid.

The white paper says rooftop solar would cut back on the amount of energy needed to produce. It would also lower the number of new power lines. Regulatory costs and fossil fuel power planet emissions would be slashed.

Jon Wellinghoff, Chief Policy Officer of SolarCity, said its findings prove what Nevadans already know: clean energy benefits everyone.

Noah Long, an NRDC official, notes the state would benefit. Solar would prevent the state from building useless grid infrastructure. It would also help the state reduce carbon pollution.

The study sends a clear message to policymakers: embrace solar.

SolarCity Corp’s Fight With Nevada

SolarCity Corp has had a love-hate relationship with Nevada for months.

Since March, SolarCity’s Elon Musk has been lobbying Nevada officials. After the Public Utilities Commission (PUC) changed the net metering rates, the solar firm has been in damage control.

The PUC had made it so solar panel users would be paid for their energy at lower, wholesale rates rather than higher, retail rates. Officials said non-solar panel users has been subsidizing solar panel users. These changes, they averred, would balance it out and end the subsidy.

SolarCity would later cut 550 jobs and shipped them to solar-friendly states. It also ended solar sales and installations across Nevada. Four training centers were then closed.

SolarCity Corp CEO Lyndon Rive and Nevada Governor Brian Sandoval got into a public spat. Rive blamed the matter on Sandoval. Sandoval blamed Rive. The governor said it had always supported the solar firm. This is why it granted the firm public funds.

The solar firm wants Nevada to reverse its January decision. This is why it’s trying everything to get what it wants. It’s very urgent for SolarCity that other states don’t follow the same path as Nevada. One of the reasons why its shares have crashed this year is because of net metering rates being adjusted.

Year-to-date, SolarCity shares have fallen 53 percent to around $24. In the last 12 months, the stock has seen its shares tumble 62 percent.

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