SolarCity Corp. (SCTY:US), a U.S. developer of rooftop power projects, will install 13.2 megawatts of solar panels atop 4,700 homes at U.S. military bases in Texas and New Mexico.
The initiative is part of the company’s SolarStrong project, under which it plans to build more than $1 billion in solar projects at as many as 120,000 military homes in the U.S., San Mateo, California-based SolarCity said today in a statement.
The U.S. Defense Department, the largest single energy consumer in the country, is seeking to get 25 percent of its electricity from renewable sources by 2025. Installing solar panels will reduce the homes’ energy costs by about 10 percent, the company estimated.
“This is a unique; in one community almost every single household will have solar power,” SolarCity Chief Executive Officer Lyndon Rive said in an interview.
The installations at Fort Bliss in Texas and White Sands Missile Range in New Mexico will be financed mainly by Bank of America Corp. (BAC:US) The homes are managed by Balfour Beatty Communities LLC.
To contact the reporter on this story: Ehren Goossens in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com