U.S. residential solar installer SolarCity Corporation SCTY has collaborated with Nest Labs, Inc. to offer complete installation of one Nest Learning Thermostat each to the first 10,000 customers to sign up with SolarCity. The offer started rolling out last Monday in California and was completely free of any additional charge.
Google Inc.’s GOOG Nest Labs focuses on offering simple and aesthetically pleasing hardware, software and services, like the Nest Learning Thermostat, Nest Energy Services and Nest Protect: Smoke + Carbon Monoxide.
The Nest Learning Thermostat is able to personalize itself as per the user’s requirement, which renders it the ability to regulate a user's home temperatures automatically. The device has various features as well, like Auto-Schedule (creates a personalized schedule based on changes of temperature by the user) and Auto-Away (senses the user's exit and automatically changes temperature to avoid unnecessary energy consumption).
The Works with Nest program ensures that customers with a compatible air conditioning system in their homes, who have agreed to connect the Nest Thermostat to SolarCity, are eligible to avail the free-of-charge product and its installation.
Utilization of the Nest Thermostat will allow customers to cut energy consumption drastically, thereby lowering utility bills. According to a study, the Nest Thermostat can save 10–12% on heating bills and 15% on cooling bills.
In addition, SolarCity will provide its customers the access to other Nest energy services, which were previously available only through utilities and government energy programs.
SolarCity focuses on providing better services to its customers at affordable costs. In Mar 2014, the company rolled out its MyPower Plan for Maryland homeowners. The company had already started its MyPower solar loan offering in eight states – Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey. MyPower allows subscribers to pay off their loans by the energy produced by the solar system. These initiatives will enable SolarCity to attract customers and meet its goal of reaching the 1-million customer mark by mid-2018.
Growing awareness about the effect of greenhouse gases on the environment has resulted in rising demand for alternative sources of energy globally. In the U.S., utility providers such as NRG Energy, Inc. NRG and Exelon Corporation EXC are currently strengthening their renewable generation mix.
SolarCity currently has a Zacks Rank #3 (Hold).
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