I’m a big fan of the financing model the company thrives on, and of course I’m particularly fond of anything that helps the solar industry maintain its rapid growth rate. I even personally took a position in the company and enjoyed the rewards of getting in early, while some folks were still bickering over whether or not there was any money to be made in the solar space.
Here’s how that panned out. . .
In any event, I continue to support the company’s efforts, and although I did unload my shares this year after realizing a significant profit, I’m always happy to report on SolarCity’s progress. And there are few greater signs of progress than a company that makes an effort to do good things.
Earlier this week, SolarCity reps announced a new initiative called the “Give Power Foundation.” Under the umbrella of this foundation, SolarCity will donate a solar power system and battery combination to a school without access to electricity for every megawatt of residential solar power the company installs in 2014.
As noted in the company’s press release. . .
Approximately 291 million children attend primary schools that lack electricity globally, and 1.4 billion people around the world do not have access to power.* Through the Give Power Foundation, SolarCity will bring clean energy to communities across the globe, with initial recipients expected to be in Haiti, Mali, Malawi and Nepal.
By giving the gift of light, SolarCity will enable schools in remote locations to serve as community gathering places in the evening, and foster continuing education for adults. The solar system will charge a battery pack to keep the school lit at night – allowing adults and others who aren’t able to learn during the day the freedom to convene at night in a well-lit environment.
The Foundation is partnering with buildOn, an international nonprofit organization that builds schools in developing countries and runs afterschool service programs in United States high schools, to help deliver power to communities in need. The Foundation will continue exploring and developing new partnerships with international organizations and social enterprises to help serve additional communities without electricity.
Meanwhile, the company continues to give competitors a run for their money. Particularly with the recent announcement that it will be teaming up with Tesla (NASDAQ:TSLA) in an effort to provide storage systems with its solar installations. This could be a major game-changer. You can read more about that here.
Measuring Success with SolarCity (NASDAQ:SCTY) originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.