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SolarCity Adds Financing Option in Effort to Expand

SolarCity will announce Tuesday night that customers can now finance the cost of installing solar panels, in a move the clean-tech company says will drive down the total expense and lure more consumers into the sustainable energy market. The San Mateo, Calif., business, in which Elon Musk is the biggest stakeholder, has offered to sell or lease photovoltaic panels for years. But it will now also act as a direct lender through its SolarCity Finance Co. subsidiary. The “MyPower” option is available as of Wednesday to residents in Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey. Eventually, SolarCity expects to roll it out throughout its service territory.

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