SolarCity Completes Paramount Acquisition

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SolarCity (NASDAQ: SCTY  ) is now officially the owner of Paramount Solar. The company said it has closed its acquisition of the residential solar solutions provider, in a deal that was originally announced in mid-August.  The price is $120 million, the bulk of which has been paid with nearly 3.7 million shares of SolarCity stock priced at $31.65 apiece. The remainder -- $3.7 million -- was settled in cash.

Following the consummation of the deal, Hayes Barnard, the former CEO of Paramount Equity (the parent company of Paramount Solar), joined SolarCity as its chief revenue officer in charge of sales and marketing organizations. The appointment is effective immediately.

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  • Report this Comment On September 09, 2013, at 7:24 PM, ronwiserinvestor wrote:

    Consumers are quickly discovering that it costs far, far less to buy a solar system and keep the 30% federal tax credit than it does to lease one.

    They're also discovering the problems that consumers are experiencing when attempting to sell their homes with a 20 years solar lease attached to it.

    They're also discovering that you'll pay so much more for your system with a lease when compared to a purchase that it is actually the consumer who is paying for their own maintenance, repair and insurance.

    They're also discovering that it makes far more economic sense for working consumers who pay federal income tax to get a $0 down solar loan instead of a lease or PPA, especially at today's much lower pricing.

    So I think that the leasing companies are going to need much more than a marketing company to convince an ever more educated consumer to sign their airtight contracts.

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