LAS VEGAS, Dec. 23, 2015 /PRNewswire/ -- SolarCity (Nasdaq: SCTY) today announced that as a result of the decision by the Nevada Public Utilities Commission to severely undermine Nevadans' ability to go solar, the company is ceasing solar sales and installation in the state effective immediately.
"This is a very difficult decision but Governor Sandoval and his PUC leave us no choice. The people of Nevada have consistently chosen solar, but yesterday their state government decided to end customer choice, damage the state's economy, and jeopardize thousands of jobs," said SolarCity CEO Lyndon Rive. "The PUC has protected NV Energy's monopoly, and everyone else will lose. We have no alternative but to cease Nevada sales and installations, but we will fight this flawed decision on behalf of our Nevada customers and employees."
Governor Sandoval's Office of Economic Development helped bring SolarCity to Nevada in 2013, and encouraged the company to create local jobs. Accepting the Governor's invitation, the company expanded to Nevada and has hired more than 2,000 local workers in just over two years. The state also created a rebate program to entice Nevadans to go solar, and many chose to do so. The rooftop solar industry helped Nevada become number one in the nation in solar jobs per capita in 2014. With abundant sunshine and a populace eager to adopt solar energy and save on electricity bills, the industry was poised to become a cornerstone of the state's innovation economy.
Now, in what amounts to a massive bait and switch for the local solar industry and its customers right before the holidays, the Governor's PUC has effectively shut down the rooftop solar industry and taken the extraordinary step to punish over 12,000 existing solar customers, including schools, with exorbitant fees in what appears to be an attempt to protect the profits of the state's largest utility. All three members of the PUC, who voted unanimously to change the rules, were appointed by Governor Sandoval.
"Most disturbing is the PUC's decision to retroactively sabotage existing solar customers' investments by changing the rules on them," continued Rive. "The Nevada government encouraged these people to go solar with financial incentives and pro-solar policies, and now the same government is punishing them for their decision with new costs they couldn't have foreseen. These actions are certainly unethical, unprecedented, and possibly unlawful. While the rest of the country embraces a clean energy future, Nevada is moving backwards."
About SolarCity SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs up a new customer every minute of the work day. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding reduction in solar industry jobs. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.