SolarCity, the online retailing giant, today announced a $5 million “buy back” program to help its customers purchase a solar system.
The program, which is a part of SolarCity’s $3.5 billion acquisition of Wind Mobile, is aimed at encouraging new customers to buy a solar-generated home energy system.
“This program will allow customers who already have a solar roof to receive a 50% savings on the purchase of a solar panel,” SolarCity CEO Lyndon Rive said in a statement.
“The program will also provide a 25% rebate on the installation of a new solar roof, which can help new customers make the most of their solar savings.”
SolarCity also said it will be launching a Solar Energy Plus program, where customers who purchase a new system can take advantage of a $1,000 rebate for installing a third-party solar panel.
The buy back program will begin on March 31 and run through March 31, 2020.
SolarCity said the program is aimed primarily at people who don’t currently have a rooftop solar system and that the purchase price will be $3,499.95.
Customers who sign up through the program will receive a $2,000 solar rebate, and SolarCity will also be offering a $300 rebate on any new solar panels installed.
In addition to the buy back, SolarCity said it is launching a program to provide $1 million to help with solar energy costs.
The $5.5 million program will be available for new customers who install solar panels, and will be funded through a $25-per-month Solar Energy Partner rebate.
The $3 million buy back is aimed to increase customer retention and incentivize people to purchase a system.
“We are committed to delivering our customers a solar savings program that gives them the most value for money,” Solar CEO Lyndon said.
“It will be the first of many purchases through our new solar buy back initiative that we plan to implement across the company.”