SolarCity comes out with smart energy storage offer
Dec 5, 2013 - US solar system installer SolarCity (NASDAQ:SCTY) unveiled a new smart energy storage solution that will allow its business customers to cut peak demand and be prepared for grid outages.
The SolarCity DemandLogic combines intelligent management software and a bettery technology developed by US car maker Tesla Motors (NASDAQ:TSLA). SolarCity will offer the solution to new solar power customers under a 10-year service agreements for monthly fees and without any upfront payments. The company explained that it would customise the storage solution so that businesses will be able to immediately reduce their expenses by saving more on energy costs than they will be paying for the storage service.
Initially, the storage units will be offered only in parts of California that are served by Pacific Gas & Electric (PG&E) and Edison International’s (NYSE:EIX) subsidiary Southern California Edison; for Massachusetts areas serviced by Nstar, a unit of Northeast Utilities (NYSE:NU); and in Connecticut for areas serviced by Connecticut Light & Power. As part of the new offering, SolarCity will evaluate the energy consumption of each organisation in order to design a storage system that can offset peak demand and include high priority backup functions.