February hasn’t been a great month for SolarCity so far. After reporting their fourth-quarter earnings on the 9th, shares of SCTY dropped nearly 30 percent, leading the New York Times to suggest that the company is “facing a cloudier future.” Now, it appears that SolarCity has stopped offering its MyPower loan product altogether, which it once heralded as “the greatest savings we have to offer” and offering “the perks of ownership, but none of the hassle.” As of Tuesday morning, the product page for the MyPower loan has been taken down from SolarCity’s website (although a cached version remains), and Greentech Media confirmed this morning that the loan has been pulled from the market.
For those within the industry, this doesn’t come as much of a surprise. Back in December, EnergySage reviewed the MyPower loan and highlighted some of the most significant issues with the product – namely, that it offers none of the financial benefits of buying a solar energy system, and that it is structured more like a solar lease than a solar loan. Last week, Seeking Alpha called the MyPower loan a disaster for shareholders and predicted that it would “ be discontinued sooner than later – this is a bullet the company must bite.”
At the end of the day, the removal of this product may be good news for homeowners. SolarCity’s MyPower loan muddied the waters of solar financing offerings and created confusion in the market. SolarCity seems to be sticking to what it does best – leases and power purchase agreements – and leaving solar loan products to banks and other financing providers. To learn more about solar loans available in your state, visit the EnergySage solar loans directory – the most comprehensive source of solar loan providers in the country.