New SolarCity loan deal could kick-start rooftop market

SolarCity will start offering loans to consumers for solar panel systems.

The decision could potentially change the market for rooftop solar and boost its expansion, The Associated Press reports.

{mosads}Right now SolarCity mainly provides leases for its rooftop solar packages when homeowners agree to buy power over a period a time.

In that deal, however, the company owns the panels. The new loan system will let consumers own their own systems while paying less for electricity. Overall, it could amount to a cheaper deal, AP reports.

SolarCity isn’t the first company to adopt a loan program, but is the nation’s biggest panel installer to do so.

Its loan system will be different, allowing customers to pay back the loan based on the electricity produced by their panels.