SolarCity vs. Its Competitors: 2023 Overview [Updated]

SolarCity vs. Its Competitors: 2023 Overview [Updated] – SolarCity is one of the leading providers of residential solar energy systems in the U.S., offering solar leases, loans, and power purchase agreements to homeowners who want to go green and save money on their electricity bills. SolarCity is not the only player in the solar market, and it faces fierce competition from other companies that offer similar or different products and services.

In this article, we will compare SolarCity with some of its top competitors based on various criteria, such as market share, product offerings, pricing, customer satisfaction, and more.

READ ALSO

SolarCity: An Overview

SolarCity is a company that sells and installs solar energy systems for residential, commercial, and industrial customers. SolarCity was founded in 2006 by brothers Peter and Lyndon Rive, based on a suggestion by their cousin Elon Musk, who is the CEO of Tesla and SpaceX. Musk also served as the chairman of SolarCity until it was acquired by Tesla in 2016.

SolarCity’s main product is the solar lease, which allows customers to pay no upfront costs for the installation of solar panels on their roofs, but instead, pay a monthly fee for the electricity generated by the panels. SolarCity also offers solar loans and power purchase agreements (PPAs), as well as battery storage and grid services.

SolarCity is one of the leading providers of residential solar energy systems in the U.S., with a market share of 9% as of the third quarter of 2022. SolarCity operates in 27 states and Washington, D.C., and has installed over 300,000 solar systems with a total capacity of more than 3 gigawatts.

SolarCity is known for its innovation and vision for a sustainable energy future. SolarCity partnered with Tesla to develop solar roof tiles, which are designed to look like conventional roofing materials but generate solar power. SolarCity also offers the Powerwall home battery, which can store excess solar energy for later use or backup power.

SolarCity’s mission is to accelerate the world’s transition to sustainable energy by making solar power accessible and affordable for everyone. SolarCity believes that solar energy can reduce greenhouse gas emissions, lower electricity bills, create jobs and improve the quality of life for millions of people.

SolarCity vs. Its Competitors

Sunrun – Best for customer service

Sunrun is the largest residential solar installer in the U.S., with a market share of 15% as of the third quarter of 2022. Sunrun offers solar leases, loans, and PPAs, as well as battery storage and grid services. Sunrun also acquired Vivint Solar in 2020, another major competitor of SolarCity.

Sunrun stands out for its high customer service ratings, according to Consumer Affairs and Trustpilot. Sunrun also offers a comprehensive warranty that covers the system’s performance, maintenance, and repairs for the duration of the contract. Sunrun also has a large network of local installers and partners that provide quality installation and service.

Sunrun charges variable fees based on your location, system size, energy usage, and contract type. The average cost of a Sunrun system is $3.16 per watt before incentives.

First Solar – Best for Innovation

First Solar is one of the largest solar manufacturers in the world, producing thin-film cadmium telluride (CdTe) solar modules that are more efficient and cost-effective than conventional silicon-based modules. First Solar also provides engineering, procurement, and construction (EPC) services for utility-scale solar projects.

First Solar stands out for its innovation and leadership in the solar industry, having achieved several records in module efficiency, energy yield, and environmental performance. First Solar also has a strong financial position and a global presence, with operations on six continents.

First Solar does not offer residential solar systems directly to consumers, but it sells its modules to third-party installers and developers. The average cost of a First Solar module is $0.22 per watt.

Aetna – Best digital experience

Aetna is a new entrant in the residential solar market, having launched its Aetna Home Energy Platform in 2022. Aetna is a digital platform that connects homeowners with local solar installers and financiers, offering a seamless and transparent online experience.

Aetna stands out for its user-friendly website, mobile app, online portal, and chatbot that make it easy and convenient for homeowners to find the best solar options for their homes. Aetna also offers personalized recommendations, instant quotes, online contracts, and payment options.

Aetna does not charge any fees to homeowners for using its platform, but it earns commissions from its network of installers and financiers. The average cost of an Aetna system is $2.85 per watt before incentives.

In Conclusion, SolarCity is one of the leading providers of residential solar energy systems in the U.S., but it faces fierce competition from other companies that offer similar or different products and services. We have compared SolarCity with some of its top competitors based on various criteria, such as market share, product offerings, pricing, customer satisfaction and innovation. Depending on your personal situation and preferences, you may find one of these companies more suitable for you than the others. Before you sign up for any solar system, make sure you understand the benefits, costs and limitations of the system and compare it with other available options.

Frequently Asked Questions (F&Qs)

Does SolarCity still exist?

No, SolarCity does not exist as an independent company anymore. In 2016, Tesla acquired SolarCity for $2.6 billion and reorganized its solar business as Tesla Solar. The SolarCity brand has been discontinued, and all of SolarCity’s assets and operations are now owned by Tesla.

The acquisition of SolarCity was controversial at the time, with some investors questioning the merits of the deal. However, Tesla CEO Elon Musk has said that the acquisition was necessary to help Tesla become a leader in the solar energy market.

Why did SolarCity fail?

SolarCity failed for a number of reasons, including:

Financial problems. SolarCity was heavily debt-ridden, and its mounting expenses were unsustainable. In 2015, the company lost a quarter of its value and was forced to cut costs.
Competition. The solar energy market is increasingly competitive, and SolarCity faced stiff competition from other solar installers.
Product problems. SolarCity’s solar panels were not as durable as those of its competitors, and the company had difficulty meeting demand.
Management problems. SolarCity’s management was criticized for its lack of experience and for making poor decisions.

The acquisition of SolarCity by Tesla in 2016 did not solve the company’s problems. Tesla has been unable to turn SolarCity around, and the solar business has been a drag on Tesla’s overall financial performance.

In recent years, Tesla has made some progress in the solar business. The company has launched a new solar roof product, and it has expanded its solar panel manufacturing capacity. However, Tesla still faces significant challenges in the solar market, and it is unclear whether the company will be able to turn the business around.

Does SolarCity have an app?

SolarCity used to have an app called MySolarCity. It was available on the App Store and Google Play. The app allowed users to track their solar energy production, view their energy usage, and control their solar system.

However, the MySolarCity app was discontinued in 2017. This was after Tesla acquired SolarCity and rebranded the solar business as Tesla Solar. Tesla has not released a new app for Tesla Solar, so there is currently no way to track your solar energy production or control your solar system through a mobile app.

Can I invest in SolarCity?

No, you can’t invest in SolarCity. SolarCity was a solar energy company founded in 2006 by Lyndon Rive and Peter Rive, cousins of Elon Musk. The company was acquired by Tesla in 2016 for $2.6 billion.

Is SolarCity profitable?

No, SolarCity is not profitable. SolarCity was a solar energy company founded in 2006 by Lyndon Rive and Peter Rive, cousins of Elon Musk. The company was acquired by Tesla in 2016 for $2.6 billion.

Why did Tesla buy SolarCity?

Here are some of the reasons why Tesla acquired SolarCity:

To create a vertically integrated solar energy company: Tesla is a leading manufacturer of electric vehicles, and SolarCity is a leading installer of solar panels. By combining the two companies, Tesla could create a vertically integrated solar energy company that could provide customers with everything they need to go solar, from the panels to the installation to the financing.
To reduce Tesla’s reliance on battery sales: Tesla’s main source of revenue is from the sale of its electric vehicles. However, the company is also a major manufacturer of lithium-ion batteries. The acquisition of SolarCity would give Tesla a new source of revenue, as it could sell solar panels and solar panel systems to homeowners and businesses.
To expand Tesla’s reach into the solar market: SolarCity is a leading installer of solar panels in the United States. The acquisition of SolarCity would give Tesla a larger customer base and a stronger foothold in the solar market.

How much did Elon Musk pay for SolarCity?

Elon Musk paid $2.6 billion for SolarCity in 2016. The acquisition was controversial, with some investors questioning the logic of the deal. However, Musk argued that the acquisition would allow Tesla to become a one-stop shop for sustainable energy solutions.

SolarCity: An Overview

SolarCity vs. Its Competitors

Sunrun – Best for customer service

First Solar – Best for Innovation

Aetna – Best digital experience

Share this: