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Introducing solarZero

In November a solar system was installed on a US home every 4 minutes as tens of thousands of families took advantage of a new way to go solar with all the benefits of solar power without having to spend thousands of buying panels.

Here in NZ 85% of Kiwis want to lock in a better deal for power but until now the upfront cost has been too great.

This month with the backing from Stephen Tindall's K1W1 fund and the NZ superfund through the nation's oldest private equity investor Pencarrow we introduced solarZero, giving Kiwis a better way to go solar.

solarZero is an exciting new way to buy power from solar panels that combines little or no upfront costs with the benefits of a lower fixed price for power.

We've been overwhelmed by the response from across the nation, and are steady working to make contact with you all as quickly as possible.

In the meantime I thought I would answer some of the most common questions we have received about the solarZero programme: 

1. Why has solarcity launched solarZero?

Two years ago we worked alongside Kiwibank to introduce a way for homeowners to buy solar panels for their home using the sustainable energy loan. Winner of the Canster award for financial innovation the scheme gives homeowners a cost effective way to buy solar panels if they want to own them. Now, we are making it even easier to go solar by enabling our customers to buy solar power not panels and pay less for solar electricity than they pay for electricity from utilities.

We have talked to many potential customers over the years who are sick of the endless rise in the cost of power, who wanted  to go solar but did not want to pay thousands to buy a system.  Now for the first time, they have an affordable option to enjoy the benefits of solar with none of the hassle – solarZero customers are able to buy solar power at a fixed price below the retail price of power with a comprehensive  20 year production and service guarantee.

2. I'd love a little more information on the mechanics of how solarZero works:

What makes solarZero so unique is that it allows you to benefit from having a solar power station on your roof without taking the capital risk or having any responsibility for maintenance or management of the system.  You simply pay a fixed fee for the power the system generates. We provide a 20-year production guarantee, and our engineers monitor your systems performance online which allows us to track the performance of every panel on your roof to maximise the power generated. We size the system accurately for your home so the fact that the energy companies recently cut the amount they are willing to pay for power is irrelevant.   You are independent of the power companies and the ever increasing prices they charge for the power they generate

3. What happens if I want to sell my home?

Customers have three simple options if they want to sell thier home with a solarZero agreement in place:

  • Transfer the solarZero package to the new homeowner along with the system and warranty.
  • Pay off the solarZero service agreement and build the value into the sales price of the home (e.g. This home comes with free solar electricity!"). solarcity will continue to provide warranty and system coverage for the new homeowner throughout the lifetime of the agreement.
  • If the customer would like to move their system to their new home, the customer can pay solarcity to relocate the system

Thanks again to all who have supported the launch of this programme, we look forward to supporting you with your journey to go solar, and supporting New Zealand to become powered by 100% renewable energy.