SolarCity, Honda form $65m fund to develop solar power projects
US-based energy services provider SolarCity and auto major Honda plan to establish a fund to the development of solar power.
The fund will finance $65m towards initial cost of solar power installations and make clean energy more affordable for Honda and Acura customers.
The partnership is expected to work towards addressing climate change issues by reducing CO2 emissions from home, business, and transportation energy use
American Honda Motor vice president Steven Center said that the partnership will enable Honda or Acura to install solar projects not only in SolarCity's 14-state coverage area but also in California and New Jersey and will also provide $400 discount toward a residential system.
SolarCity CEO Lyndon Rive termed it an unprecedented partnership and highlighted Honda's commitment to environment issues.
"By making it easier and more affordable for its customers to use clean power, Honda is reinforcing the fact that solar is the new normal," added Rive.
The two companies will also look forward to integrating solar power and electric vehicle recharging wherein EV and Plug-In Hybrid vehicles can be charged using solar power.