Boston, MA 10/14/2013 (wallstreetpr) – SolarCity Corp (NASDAQ:SCTY) expects to shoot its annual installation capacity up by nearly 90% by the end of 2014. Since December, after its first public offering, the company has expanded by almost five times. Now the solar energy provider in the U.S. is looking forward to set up more photovoltaic projects in the coming year. The projects would be installing 475 megawatts to 525 megawatts. Soon after this announcement, the stock of the company soared up by 23% to a value of $47.18. This has been the San Mateo, California based company’s highest gain since May.
Residential solar projects funded by SolarCity are in great demand. The company finances these solar projects jointly with peers like Sunrun Inc. and Sungevity Inc. etc. California is the top solar market. Of these residential solar projects, 68% were deployed in California alone in the second quarter. According to Solar Energy Industries Association, this share of California was only 48% a couple of years ago.
In the third quarter, the solar energy provider had installed 78 megawatts. Now the company has 72,506 consignments which are expected to generate revenue of $1.74 billion through their lifetimes. The company has several rooftop contracts along with many customers who have already signed quite long-term agreements to invest in the electricity. In the coming five years, the company is aiming at acquiring as many as 1 million customers. This would mean they have plans to install 6,000 megawatts by the end of the next five years.
SolarCity is showing incredible growth rates. With a business strategy of lowered upfront investments in power bills, the company provides solar panels on lease to homeowners. The company states leasing these solar panels the reason for its rapid growth and immediate success. They foresee this expansion in the U.S. market coming more from residential projects rather than the large scale projects that have been the highlight in some past years.