Wall Street’s favorite green energy company, SolarCity, looks like it will be moving from sunny California to equally sunny and cheaper Las Vegas, with a new $1.2 million economic development subsidy from the Nevada Governor’s Office of Economic Development board.
SolarCity is one of three companies splitting $2 million from Nevada’s recently created $10 million catalyst fund, which the governor requested to encourage companies to leave tax-heavy California for the cheap, empty wastes of Nevada.
And SolarCity took the bet.
“The approval today of SolarCity’s Catalyst Fund application represents the successful collaborative effort that took place between local, regional and state economic development agencies,” Gov. Brian Sandoval said. “I am excited to welcome SolarCity to the Nevada family.”
The green technology consultant, reseller and installer will be opening a new office in Las Vegas, where the company “expects to create hundreds of jobs in the state in the next several years.”
“With its solar resource, Nevada has an opportunity to be a national leader in distributed renewable power generation,” Lyndon Rive, CEO of SolarCity, said in a release. “We expect today’s announcement to initially create more than 100 jobs, but a sustainable local solar industry could create thousands of jobs. We hope to partner with the state and industry to create the business and regulatory certainty that can pave the way for a thriving local solar economy.”
Rumors circulated earlier this week that SolarCity may have a big move in mind, though the rumors claimed that the move would be for the company’s main headquarters, and not just a new office.
SolarCity, which was founded with help from PayPal, SpaceX and Tesla mogul Elon Musk, has made a name for itself in the green energy business by avoiding the manufacturing pitfalls that have trapped other solar providers and leveraged rapidly falling photovoltaic prices for their own profit. SolarCity installs panels on homes, schools and businesses, then recoups its costs with monthly payments, like energy bills, from their customers.
The company has penned unprecedented retail deals with major big box stores, such as Walmart and Home Depot.