SolarCity Corp Targets Nevada With First-Of-Its-Kind Solar Service

SolarCity Corp Targets Nevada With First-Of-Its-Kind Solar Service
By BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

SolarCity Corp (NASDAQ:SCTY) has expanded its services in Nevada, and has also begun taking orders. On Thursday, the company said in a statement that it will provide solar energy to customers in Nevada for just $30 per month with design, installation, financing, insurance, monitoring and a performance guarantee included.

SolarCity plans to develop Nevada in strong solar industry

SolarCity is trying to penetrate in regions other than Las Vegas, which is a feasible idea from the company’s point of view. SolarCity Corp (NASDAQ:SCTY) will start taking orders from Nevada homeowners and will also participate in NV Energy’s Solar Generations Program, which is currently expected to reopen in August.

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By the end of the October, the solar energy provider will start installing the system and will provide services on a first come, first service basis. Initially, the service of the company will be available in greater Las Vegas, including  North Las Vegas, Spring Valley, Winchester, Paradise, Henderson and Boulder City.

“With its solar resource, Nevada has an opportunity to be a national leader in distributed renewable power generation,” said Lyndon Rive, CEO of SolarCity Corp (NASDAQ:SCTY). He added that the step by the company will create 100 jobs locally, but a sustainable solar energy industry could create thousands of jobs. Rive said that the company looked forward to maintaining a healthy partnership with the state and the industry to create the business and regulatory certainty to ensure a thriving local solar economy.

SolarCity Corp (NASDAQ:SCTY) already employs over 400 people in Nevada and has plans to recruit 400 more by the next year.

Insiders unloading SolarCity

Recently, shares of SolarCity Corp (NASDAQ:SCTY) have been seeing significant insider selling, according to the regulatory filings. Over the last month, four insiders sold the stock while no insider purchased the stock. Two out of four insiders who sold reduced their holdings by over 10%.

CEO Lyndon Rive sold 160,000 shares, and reduced his ownership by 5.6%. Executive Vice President Seth Weissman sold 7,000 shares on April 22, reducing his holdings by 3.2%, while Vice President John Stanton sold 10,000 shares on April 1, reducing his holdings 15.8%. Executive Vice President Linda Keala unloaded around 5000 shares on April 1, and brought down her ownership by 10.9%.

After selling the 160,000 shares, Rive holds 2.7 million shares of SolarCity Corp (NASDAQ:SCTY), while Weissman holds around 159,000 shares in addition to around 56,000 options. Stanton is not left with any shares and owns more than 53,000 options, whereas Keala still holds more than 13,000 shares with 26,000 stock options.

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