SolarCity Corp (NASDAQ:SCTY) has signed a deal with Groupon Inc (NASDAQ:GRPN) to create the first online offer of its kind in the solar energy sector. People turn to Groupon for lucrative deals on salad bowls, watches, spa reservations and vacations. But it’s the first time the online marketplace will be offering a solar deal, the companies said in a joint statement. SolarCity installs rooftop panels for free while users buy electricity at a lower rate than they pay for utility power.
SolarCity offers a $400 discount through Groupon
For a limited time, SolarCity Corp (NASDAQ:SCTY) is offering an additional savings of $400 with a deal from Groupon Inc (NASDAQ:GRPN) by paying just $1. That is, SolarCity will install rooftop panels for free, plus you will get $400 to apply to your monthly solar bills. If you want to avail the offer, simply go to the SolarCity deal on Groupon’s website and pay just $1. A SolarCity representative will contact you to schedule a consultation.
The representative will determine if your home has the necessary attributes for a solar array. If it does and you, as the homeowner, decide to move forward with the solar service, SolarCity Corp (NASDAQ:SCTY) will install the panels while covering the cost. And you’ll get $400 which could be applied to your monthly solar power bills. For a typical home, $400 would easily cover 3-4 months. In case you decide not to sign up or your house doesn’t have the necessary attributes, Groupon Inc (NASDAQ:GRPN) will refund your $1.
SolarCity is offering the deal only in 15 states
The deal will be available through August 27, and in only 15 states where SolarCity Corp (NASDAQ:SCTY) has operations. The solar panel maker already sells through retailers like The Home Depot, Inc. (NYSE:HD) and Best Buy Co Inc (NYSE:BBY). Groupon Inc (NASDAQ:GRPN) has over 51 million active subscribers or potential solar customers for SolarCity. The online marketplace currently offers more than 200,000 bargains.
SolarCity Corp (NASDAQ:SCTY) shares soared 5.62% to $54.91, while Groupon Inc (NASDAQ:GRPN) fell 1.23% to $6.01 at 1:56 PM EDT on Thursday.