SolarCity Statement on Nevada Public Utilities Commission Proposed Decision

Dec 21, 2015, 18:33 ET from SolarCity

SAN MATEO, Calif., Dec. 21, 2015 /PRNewswire/ -- SolarCity CEO Lyndon Rive released the following statement today regarding the Nevada Public Utilities Commission's proposed decision on rooftop solar:

"If the Nevada Public Utilities Commission's proposed decision is accepted tomorrow it will destroy the rooftop solar industry in one of the states with the most sunshine. There is so much wrong with the decision, the only option for the PUC is to reject it. The one beneficiary of this decision would be NV Energy, whose monopoly will have been protected. The people will have lost choice, jobs, and faith in their government.

"The decision would retroactively sabotage the investments Nevadans have already made in solar, even though they were encouraged by their government to make those investments.

"If the PUC approves this proposal, it will force SolarCity to cease sales and installation operations in Nevada. And if SolarCity, which has the lowest cost structure in the industry, is forced to shut down operations, you could estimate that more than 5,000 solar jobs across the industry will be lost as a result of this decision.

"Today's proposed decision is reckless, and I encourage the PUC to reject it tomorrow. Nevada will otherwise become the first state out of 44 with net metering to take a step backward, not forward."

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 19 states. 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.

 

SOURCE SolarCity



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