SolarCity Corp (NASDAQ:SCTY) renewed its partnership agreement with Honda Motor Co Ltd (ADR) (NYSE:HMC) (TYO:7267) during the SXSW Eco conference in Austin Texas today.
Details of the agreement
Under the new agreement, Honda Motor Co Ltd (ADR) (NYSE:HMC) (TYO:7267) committed $50 million financing for solar projects intended to provide affordable solar power to Acura and Honda customers and dealerships in the United States.
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Last year, SolarCity Corp (NASDAQ:SCTY) and Honda Motor Co Ltd (ADR) (NYSE:HMC) (TYO:7267) created a $65 million fund for solar projects.
The companies already initiated and completed a span of solar projects with total of more than 12.5MW of solar generation capacity for corporate facilities, dealerships and homeowners.
According to SolarCity Corp (NASDAQ:SCTY), its partnership with the Japanese automaker aims to address environmental problems particularly air pollution and global climate change by reducing carbon dioxide (CO2) and particulate emissions.
The partnership covers the cost of solar equipment and installation, which allows homeowners to save money by paying less for solar electricity compared with their electric bill from utility companies. The solar equipment and installation offered to consumers include insurance, repair and monitoring service.
SolarCity & Honda addresses environment problems
The automaker and the clean energy provider already brought sufficient solar capacity online to offset more than 400 million pounds of CO2 over a 30-year life cycle.
In a statement, Lyndon Rive, CEO of SolarCity Corp (NASDAQ:SCTY) said, “Our partnership with Honda is creating local jobs and helping to address air pollution, water pollution and climate change. Honda’s commitment is making a difference for the economy and the environment.”
SolarCity Corp (NASDAQ:SCTY) and Honda Motor Co Ltd (ADR) (NYSE:HMC) (TYO:7267) envision a future wherein personal mobility products will be powered by renewable energy.
The companies already started implementing co-marketing programs to encourage owners of plug-in electric vehicles or solar-powered homes to adopt complementary products.
Steven Center, vice president of environment business development office of American Honda Motor Co. said, “The first phase of this partnership has proven that Honda drivers have a high affinity for solar power, while owners of solar-powered homes have a high affinity for Honda products.”