SolarCity Corp (NASDAQ:SCTY) is the company founded in 2006 by two brothers, Rive and Peter of the Musk Family, together with the well-known cousin, Elon Musk. The company is now working to assist solar dependent homes and neighborhoods in the outcry against the Hawaiian Electric Co Inc (OTCMKTS:HAWEL).
The three individuals had a goal in mind when they formed the company, which was to reduce the dependence on conventional and expensive sources of electricity.
The company is based in San Mateo, California and is the biggest solar panel installing company in the United States. Lyndon Rive is the current acting CEO of the company.
In 2013, the Hawaiian Electric company denied customers the chance to connect their solar panels to the power grid. The power company argued that the grid did not have the capacity to absorb any additional unused electricity. This was a big deal especially to solar panel companies and individuals who had installed solar panels to their homes. They put up a fight against the electric company for 13 months in a bid to try and reverse the decision. The Utilities were however trying to control the rapid increase in independent solar panel companies that were slowly but surely affecting the clientele connected via the grid.
It was the outcry of these individuals and companies that brought SolarCity Corp (NASDAQ:SCTY) to the rescue. Rive’s analysis of the situation revealed that HACO had never actually measured the capacity of the grid. HACO’S vice president retaliated with a statement that there had been no field tests because the technology was new.
After a lot of scrutinizes, HACO then decided to carry out grid tests with the help of SolarCity and the United States National Renewable Energy Laboratory, which is located in Golden, Colorado. The results from the tests revealed that the grid was, in fact, capable of absorbing more than twice the capacity of solar energy than the utility thought.
The efforts resulted in the abolishment of the solar energy ban that had been imposed by HACO.
