Thursday, February 17, 2011

SolarCity Buys East Coast Solar Installer, groSolar

San Mateo-based SolarCity, the provider of financing for solar power installation, said today that it has acquired groSolar, whic it says is the East Coast's largest residential solar installer. The firm said the move expands its support to Massachusetts, New Jersey, New York and Pennsylvania. Financial terms of the acquisition were not disclosed. SolarCity provides both financing via power purchase agreements (PPAs) as well as installation services for photovoltaic power, allowing homeowners to pay small amounts monthly for their solar power systems, rather than the whole amount upfront.