The document is an investor presentation by SolarCity that provides forward-looking statements regarding the company's growth opportunities in the customer and market, operations, financing strategies, and future financial and operating results. It notes key risks and uncertainties that could impact actual performance, including demand for solar energy systems, supply and pricing of solar components, integration of acquisitions, cost reduction goals, access to capital, regulatory policies, and general market conditions.
Hi everyone,
check out my presentation on Caterpillar Inc.
a mini case providing insights about company and hope it clarifies any queries related to company.
Hi everyone,
check out my presentation on Caterpillar Inc.
a mini case providing insights about company and hope it clarifies any queries related to company.
LG Corporation formerly Lucky-GoldStar is a South Korean multinational conglomerate corporation. It is the fourth-largest chaebol in South Korea. It is headquartered in the LG Twin Towers building in Yeouido-dong, Yeongdeungpo-gu, Seoul.LG makes electronics, chemicals, and telecom products and operates subsidiaries such as LG Electronics, Zenith, LG Display, LG Uplus and LG Chem in over 80 countries.
These slides use ideas from my (Jeff Funk) class to develop a business model for printable battery technology. The increasing use of wearable electronics such as Google Glasses and “electronic tattoos” has increased the demand for smaller batteries that can be added to these glasses or tattoos. Based on Zinc, these batteries can be printed onto a thin substrate. These slides describe the customers for this technology and the value propositions for these customers, along with other aspects of a business model.
Integrated marketing communication plan of Chevrolet Camaro.Discussion on the target audience, Communication Objective, implementation plan of advertising, Public relations use, statement, Print ad, concept story of the print ad and media objective and strategy
Burger Restaurant Business Plan Powerpoint Presentation SlidesSlideTeam
Introducing Burger Restaurant Business Plan PowerPoint Presentation Slides. This content-ready restaurant management PPT slide deck presents a burger industry overview, global market trends, major growth driving factors, global burger market presence, etc. The slide deck well explains the topics like target market analysis, market strategy, implementation, company profile, business model, financial plan, and human resources. The burger industry PowerPoint slideshow provides the current scenario of the industry. Describe how this industry is performing in current times with the help of a visually appealing burger industry PowerPoint slide design. Showcase current market trends that are emerging globally in the burger industry with these attention-grabbing PPT themes. Provide information about major driving growth factors prevailing in the burger market by utilizing restaurant operations PPT templates. Take the assistance of ready-to-use PPT themes to depict information about the burger market across the globe. Describe the objectives and mission statement of the company through our readily available PPT slide deck. Information like ownership, and legalities associated with the industry can also be displayed by incorporating professionally designed restaurant business plan PPT slides. https://bit.ly/3uVXYnO
This is a brief marketing plan created for my Principles of Marketing class. It's for a state of the art, smart, refrigerator, called the Digi-Fridge. I created the logo as well.
Calavenna Juices International Marketing PlanErica Swallow
This is an International Marketing Plan for Calavenna Juices, a fictitious juice brand, created for an International Marketing Management course at the NYU Stern Business School.
All materials were created by Joseph Calavenna, Susan Chen, Rogelio Plasencia, Erica Swallow, and Nan Zhang.
Corporation Green Energy Technology not only gives customers an advanced technical solution, but also gives customers a real business opportunity efficiently and help customers get rich from the resources Natural and availability advantages, improve production quality and economic efficiency - environment. It is the obligation and our pride.
Andy Black, experienced salesperson and marketer of PV systems, shares his knowledge about creating and closing business. First covered, a marketing overview, and discussion of effective and ineffective marketing strategies, with a deep look at lead generation. We then look at Sales Organizations, and the benefits, costs, and issues of sales staff. Sales structures, compensation, contracts, property ownership, and termination issues will also be covered. An in depth look at the sales cycle with interactive examples of the processes, interactions and systems Andy has developed and successfully used for several years. This section will include discussion and interactive examples of lead screening, site visits, proposal preparation and presentation, closing, documentation and writing up the sale.
Photovoltaic Systems: System Design ToolsGavin Harper
Prepared for the Welsh Energy Sector Training program, this presentation takes a whistlestop tour through some of the different tools used in PV system design. From tools that are used to collect data about the site - angles, overshadowing e.t.c. to software tools used to simulate PV systems designs.
This advertising plan was developed during Fall 2012 by Casey Bariteau, Richard Salazar, Giovanna Gonzalez, and Sara Ketabi in our Introduction to Advertising course at Boston University - College of Communication. We began with a situation analysis of the product category, key trends, competitive analysis, and brand analysis. We then defined the target audience and where we would find them using databases and original research. We highlighted our key insight, and created a new brand positioning statement and advertising objective. From there, we thought up an intriguing new creative strategy and explained our creative execution, including our plan of action involving media.
LG Corporation formerly Lucky-GoldStar is a South Korean multinational conglomerate corporation. It is the fourth-largest chaebol in South Korea. It is headquartered in the LG Twin Towers building in Yeouido-dong, Yeongdeungpo-gu, Seoul.LG makes electronics, chemicals, and telecom products and operates subsidiaries such as LG Electronics, Zenith, LG Display, LG Uplus and LG Chem in over 80 countries.
These slides use ideas from my (Jeff Funk) class to develop a business model for printable battery technology. The increasing use of wearable electronics such as Google Glasses and “electronic tattoos” has increased the demand for smaller batteries that can be added to these glasses or tattoos. Based on Zinc, these batteries can be printed onto a thin substrate. These slides describe the customers for this technology and the value propositions for these customers, along with other aspects of a business model.
Integrated marketing communication plan of Chevrolet Camaro.Discussion on the target audience, Communication Objective, implementation plan of advertising, Public relations use, statement, Print ad, concept story of the print ad and media objective and strategy
Burger Restaurant Business Plan Powerpoint Presentation SlidesSlideTeam
Introducing Burger Restaurant Business Plan PowerPoint Presentation Slides. This content-ready restaurant management PPT slide deck presents a burger industry overview, global market trends, major growth driving factors, global burger market presence, etc. The slide deck well explains the topics like target market analysis, market strategy, implementation, company profile, business model, financial plan, and human resources. The burger industry PowerPoint slideshow provides the current scenario of the industry. Describe how this industry is performing in current times with the help of a visually appealing burger industry PowerPoint slide design. Showcase current market trends that are emerging globally in the burger industry with these attention-grabbing PPT themes. Provide information about major driving growth factors prevailing in the burger market by utilizing restaurant operations PPT templates. Take the assistance of ready-to-use PPT themes to depict information about the burger market across the globe. Describe the objectives and mission statement of the company through our readily available PPT slide deck. Information like ownership, and legalities associated with the industry can also be displayed by incorporating professionally designed restaurant business plan PPT slides. https://bit.ly/3uVXYnO
This is a brief marketing plan created for my Principles of Marketing class. It's for a state of the art, smart, refrigerator, called the Digi-Fridge. I created the logo as well.
Calavenna Juices International Marketing PlanErica Swallow
This is an International Marketing Plan for Calavenna Juices, a fictitious juice brand, created for an International Marketing Management course at the NYU Stern Business School.
All materials were created by Joseph Calavenna, Susan Chen, Rogelio Plasencia, Erica Swallow, and Nan Zhang.
Corporation Green Energy Technology not only gives customers an advanced technical solution, but also gives customers a real business opportunity efficiently and help customers get rich from the resources Natural and availability advantages, improve production quality and economic efficiency - environment. It is the obligation and our pride.
Andy Black, experienced salesperson and marketer of PV systems, shares his knowledge about creating and closing business. First covered, a marketing overview, and discussion of effective and ineffective marketing strategies, with a deep look at lead generation. We then look at Sales Organizations, and the benefits, costs, and issues of sales staff. Sales structures, compensation, contracts, property ownership, and termination issues will also be covered. An in depth look at the sales cycle with interactive examples of the processes, interactions and systems Andy has developed and successfully used for several years. This section will include discussion and interactive examples of lead screening, site visits, proposal preparation and presentation, closing, documentation and writing up the sale.
Photovoltaic Systems: System Design ToolsGavin Harper
Prepared for the Welsh Energy Sector Training program, this presentation takes a whistlestop tour through some of the different tools used in PV system design. From tools that are used to collect data about the site - angles, overshadowing e.t.c. to software tools used to simulate PV systems designs.
This advertising plan was developed during Fall 2012 by Casey Bariteau, Richard Salazar, Giovanna Gonzalez, and Sara Ketabi in our Introduction to Advertising course at Boston University - College of Communication. We began with a situation analysis of the product category, key trends, competitive analysis, and brand analysis. We then defined the target audience and where we would find them using databases and original research. We highlighted our key insight, and created a new brand positioning statement and advertising objective. From there, we thought up an intriguing new creative strategy and explained our creative execution, including our plan of action involving media.
Public Rooftop Revolution: Putting the Solar Shine on City BuildingsJohn Farrell
There are many stories on residential rooftop solar but few on what cities are doing to make themselves energy self-reliant by using their own buildings and lands to generate power.
In Public Rooftop Revolution, ILSR estimates that mid-sized cities could install as much as 5,000 megawatts of solar—as much as one-quarter of all solar installed in the U.S. to date—on municipal property, with little to no upfront cash. It would allow cities to redirect millions in saved energy costs to other public purposes.
Systematic Roadmap Approach on Solar CityVignesh Sekar
The Solar City aims at minimum % of reduction in projected demand of conventional energy through a combination of enhancing supply from renewable energy sources in the city and energy efficiency measures. In a Solar City all types of renewable energy based projects like solar, wind, bio mass, small hydro, waste to energy etc. May be installed along with possible energy efficiency measures depending on the need and resource availability in the city.
MALACCA GREEN HOLISTIC TOURISM CITY project has been conceptualized by a group of established businessmen, scientist, entrepreneurs and professionals. The project will be a role model in the promotion of Green, Sustainable , Unity and cultural practices and will indirectly contribute towards nation building efforts. It will in time become a priceless asset to all Malaysians. This project is also expected to assist the State of Malacca to overcome and alleviate some of the social problems among the youths. It is expected to raise the level of awareness among youths on the importance of religion and culture. This project has been fully supported by the Malaysian government on promoting our Malaysian Green and Sustainable Tourism. Many associations in Malaysia have given their support to this Green project. Besides, this project is supported by millions of Green supporters throughout the country. Upon completion, will showcase Malaysia as a multi-national country with a multi-religious cultural society living in peace, harmony and unity.
November 21, 2013 | Next Steps: Financing solar for your business | James Ton...Fresh Energy
For many businesses and property owners, the high upfront cost of solar photovoltaic systems remains the single largest barrier to adoption. The solution? Solar financing. Fresh Energy’s solar financing event, the final installment of a three-part Solar Opportunities Series, will introduce participants to the range of current and emerging solar-financing options available in Minnesota. Learn more at fresh-energy.org/solarseries.
From Drive Oregon's September networking event, "Driving on Sunshine: Market Opportunities at the Intersection of Electric Vehicles and Solar Power"
Presented by Keith Knowles, Regional Sales Manager in Oregon at SolarCity
Emergent Ventures India Solar Consultancy ServicesSourav Adhikari
EVI is an integrated sustainability & clean energy consulting company headquartered in India. The focus areas of its work are Solar, Wind, Sustainable Development and Climate. EVI’s work encompasses advisory services around Policy & Strategy, Technology and Finance. EVI has worked for Governments (Ministries, Departments & Agencies), Development Banks, Donors, Private & Public Corporate and non-profit organizations in more than 25 countries. EVI’s team has a pool of experienced professionals with proven expertise in climate change mitigation & adaptation, NAMA, INDC, Ozone Depleting Substances (ODS), Climate vulnerability & risk assessment, Renewable Energy Project Development, feasibility study, DPR preparation, Corporate Sustainability disclosures & assurance, waste & water management, low carbon transport, GHG management, Smart grids, Smart Cities, Renewable Energy Zones, among others.
This report discusses the current business and regulatory environment that is resulting in the increased use of innovative ratemaking techniques, including the consideration by some utilities and jurisdictions of a multiyear rate plan (MYRP) filing. It also provides an overview of the different MYRP approaches being utilized, including case studies in selected states and key takeaways from each approach, and summarizes future trends regarding the use of MYRP filings.
MARINET – National Technology Initiative (NTI) is a key long-term program of the public-private partnership in the development of promising new markets based on high-tech solutions that will determine development of the global and Russian economy in the next 15-20 years.
MARINET was established in 2015 and involves a wide range of organizations providing advanced technologies for the maritime industry – from the leading corporations and universities to startup companies and research teams. Currently it joins several hundreds representatives from technology companies, leading universities, research and scientific centers, development institutions, business associations, ministries and government agencies.
Essentials of Automations: Optimizing FME Workflows with ParametersSafe Software
Are you looking to streamline your workflows and boost your projects’ efficiency? Do you find yourself searching for ways to add flexibility and control over your FME workflows? If so, you’re in the right place.
Join us for an insightful dive into the world of FME parameters, a critical element in optimizing workflow efficiency. This webinar marks the beginning of our three-part “Essentials of Automation” series. This first webinar is designed to equip you with the knowledge and skills to utilize parameters effectively: enhancing the flexibility, maintainability, and user control of your FME projects.
Here’s what you’ll gain:
- Essentials of FME Parameters: Understand the pivotal role of parameters, including Reader/Writer, Transformer, User, and FME Flow categories. Discover how they are the key to unlocking automation and optimization within your workflows.
- Practical Applications in FME Form: Delve into key user parameter types including choice, connections, and file URLs. Allow users to control how a workflow runs, making your workflows more reusable. Learn to import values and deliver the best user experience for your workflows while enhancing accuracy.
- Optimization Strategies in FME Flow: Explore the creation and strategic deployment of parameters in FME Flow, including the use of deployment and geometry parameters, to maximize workflow efficiency.
- Pro Tips for Success: Gain insights on parameterizing connections and leveraging new features like Conditional Visibility for clarity and simplicity.
We’ll wrap up with a glimpse into future webinars, followed by a Q&A session to address your specific questions surrounding this topic.
Don’t miss this opportunity to elevate your FME expertise and drive your projects to new heights of efficiency.
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
If the “Approve” button is clicked, a Jira/Zendesk ticket is created for the marketing design team
But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
Join us to learn more about this new, human-in-the-loop capability, brought to you by Integration Service connectors.
And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
2. SolarCity Corporation | page 2
Forward-Looking Statements
This presentation contains forward-looking statements that involve
risks and uncertainties, including statements regarding SolarCity’s
customer and market growth opportunities; SolarCity’s operational
growth and expansion; financial strategies for cash generation and
increasing shareholder value; the deployment and installation of
megawatts including estimated Q4 2015 megawatt installations; future
bookings; our plans to vertically integrate our commercial product
offerings, and resulting anticipated cost and operational efficiencies;
Estimated Nominal Contracted Payments Remaining; forecasted
Net Retained Value; Economic Value Creation and Unlevered IRR
of megawatts deployed from Q1 2015 to Q3 2015; cash flows and
PowerCo Available Cash from Q2 2015 to Q3 2015; cost goals by 2017;
forecasted access to capital; the amount of megawatts that can be
installed and deployed based on committed available financing; our
expectations as to future regulatory and policy outcomes affecting
our industry; expected future GAAP and non-GAAP operating results;
and assumptions relating to the foregoing.
Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or results
will be achieved, if at all. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in or suggested by
the forward-looking statements. In order to meet our projections,
we will need to expand our workforce and increase our installation
efficiency relative to what we have achieved to date. Additional key
risks and uncertainties include the level of demand for our solar
energy systems, the availability of a sufficient, timely, and cost-
effective supply of solar panels and balance of system components,
our ability to successfully integrate acquired businesses, operations
and personnel, our ability to achieve manufacturing economies of
scale and associated cost reductions, our expectations regarding
the Riverbend agreement and the development and construction
of the Riverbend facility, including expected capital and operating
expenses and the performance of our manufacturing operations,
the effect of electric utility industry regulations, net metering and
related policies, the availability and amount of rebates, tax credits, and
other financial incentives, the effects of future tariffs and other trade
barriers, changes in federal tax treatment, the effect of electric utility
industry regulations, net metering and related policies, the availability
and amount of rebates, tax credits and other financial incentives, the
availability and amount of financing from fund investors, the retail
price of utility-generated electricity or the availability of alternative
energy sources, risks associated with SolarCity’s rapid growth, risks
associated with international expansion, the success of our product
development efforts and customer preferences, risks that consumers
who have executed energy contracts included in reported nominal
contracted payments remaining and backlog may seek to cancel those
contracts, assumptions as to retained value under energy contracts
and contract renewal rates and terms, assumptions as to leveraged
retained value and MyPower retained value, including applicable net
present values, performance-based incentives, and other rebates,
credits and expenses, SolarCity’s limited operating history, particularly
as a new public company, changes in strategic planning decisions
by management or reallocation of internal resources, completion
of preparation of financial statements and general market, political,
economic and business conditions. You should read the section entitled
“Risk Factors” in our most recent Quarterly Report on Form 10-Q and
subsequent Current Reports on Form 8-K, which have been filed with
the Securities and Exchange Commission, which identify certain of
these and additional risks and uncertainties. We do not undertake any
obligation to publicly update or revise any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as otherwise required by law.
3. SolarCity Corporation | page 3
Our Vision
To transform the way energy is delivered
in the 21st century through cleaner, more
affordable distributed solar energy
4. SolarCity Corporation | page 4
Old Bill
Example
$200
New Bill
Example
$160
Clean, More Affordable Energy
•• No upfront cost for installation required
•• Solar energy paid for monthly at a lower
$/kWh price than charged by the local utility
•• Customers able to generate savings from day one
We Lower Customers’ Energy Bills by Providing Solar Energy for No Initial Investment
See Appendix slides for footnotes and relevant definitions
New Utility
Bill
SolarCity
Bill
5. SolarCity Corporation | page 5
Residential Is a Huge and
Underpenetrated Opportunity
Total Addressable Opportunity in Our Current States Exceeds 240 GW with Total U.S. >550 GW
Residential Represents 1.3 GW or 78% of Our Cumulative MW Installed as of the End of Q3 2015
Residential Contracts Extend for 20-30 Years A Growing, Untapped Opportunity
• Average residential system size: ~6 kW
• Our solar contracts typically generate 50-90% of a
customer’s annual electricity needs and lower their
total bill by ~20%
• New Energy Contract pricing is based on a discount
to utility rates at the time of booking with an annual
escalator of <3%
• >40M single-family homes in our 19 states and >92M across
the country
• Over 53% of the U.S. population has FICO score above 700
(and 66% over 650)2
• Additional opportunity across the U.S. and internationally
In
millions
Current
States
Total
U.S.
Customer
Goal
by
Mid-‐2018
1.0M
1.0M
/
Total
Single
Family
Housing
Units
1
41.3M
92.2M
=
Penetra2on
of
Single-‐Family
Homes
2.4%
1.1%
6. SolarCity Corporation | page 6
Commercial Segment Presents
an Enormous Opportunity
We Installed More U.S. Commercial/Government Solar Capacity in 2014 than Any Other Provider
Over 2,000 Commercial and Government Customers and ~375 MW Installed as of the End of Q3 2015
Commercial and Government Customers Value Lower Costs and Budget Visibility
•• Our commercial system sizes can range from as small as 20 kW to 5 MW or more
•• Customers include DirectTV, eBay, HP, Intel, Safeway, Walgreens, Wal-Mart, and >400 schools
•• ZS Peak patented mounting system enables more panels per square foot and quicker installation
•• DemandLogic commercial storage solution helps customers avoid costly demand charges
•• With <1% solar penetration of the 5.6M commercial buildings in the U.S.3
, opportunity is vast
7. SolarCity Corporation | page 7
~300,000 Customers and Counting
* Figures on page may not calculate exactly due to rounding
2Q12 2Q131Q134Q123Q12 3Q13 4Q13 1Q14 2Q14
300
250
200
150
100
50
0
CumulativeCustomers(000s)
4Q14 1Q15 2Q15 3Q153Q14
218
262
190
168
141
111
93
82
70
60
48
35
29
Cumulative Customers Have Grown at a 94% Compounded Annual Rate since the End of 2012
Excluding System Sales, We Had 288,992 Cumulative Energy Contracts (Lease/PPA/Loans) as of the End of Q3 2015
See Appendix slides for footnotes and relevant definitions
298
8. SolarCity Corporation | page 8
* Represents the Company’s estimate as of October 29, 2015; full year 2015 amounts at the midpoint of guidance as of October 29, 2015
See Appendix slides for footnotes and relevant definitions
1.7 GW Installed at the End of Q3 2015
Cumulative MW Installed Have Grown at a Compounded Rate of 69% since 2011
Latest Guidance* Is to Install 878 – 898 MW in 2015 and 1,250 MW in 2016
Quarterly Annual
3Q13 4Q13 1Q14 2Q14 4Q14 1Q15 2Q15 3Q15 2011 2012 2013 2014 2015E* 2016E*3Q14
139
168
21
148
120
90
6770
62
18
34
15 17 17
28
14
MWsInstalledinPeriod
MWsInstalledinPeriod
200
175
150
125
100
75
50
25
0
1,250
1,000
750
500
250
0
Residential Commercial
80% CAGR
(3Q13-3Q15)
203
53
83
136
285
503
888
1250
9. SolarCity Corporation | page 9
Contracted Customer Payments at $8.9B
$9.0
$6.0
$3.0
$0.0
NominalContractedPaymentsRemaining($B)
2Q12 2Q131Q134Q123Q12 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
$0.7 $0.8
$1.1 $1.2
$1.4
$1.7
$2.0
$2.5
$3.3
$5.0
$6.1
$7.7
$8.9
$4.1
High Visibility into Revenue with Contracts Generally of 20 years for Leases/PPAs and 30 Years for Loans
Nominal Contracted Payments Remaining Increased by a Net $3.0B in 2014 and $3.9B in 2015 YTD
See Appendix slides for footnotes and relevant definitions
* Figures on page may not calculate exactly due to rounding
10. SolarCity Corporation | page 10
The Clear Leader in U.S.
Residential Installations
See Appendix slides for footnotes and relevant definitions
40%
35%
30%
25%
20%
15%
10%
5%
0%
%ofU.S.ResidentialInstallations4
2009 2013201220112010 2014 2Q15
6% 7%
11%
17%
25%
33%
36%
38%
Our residential MW installations
exceeded the next 36 competitors’
combined in Q2 2015 (the most
recent data available)
11. SolarCity Corporation | page 11
Differentiation through Scale,
Vertical Integration, and Brand
Solar Module
Production
Mounting
Hardware
Sales Finance Installation Monitoring &
Maintenance
Energy
Production
•• One out of every three new U.S. residential solar customers chooses SolarCity
•• Largest U.S. company by a wide margin with more customers than any other provider, >14,000 Employees
including thousands of Installers, and >80 operations centers across 19 states as of Sept 2015
•• Diversified Sales Channels from our direct sales force to channel partnerships including home builders,
Home Depot, DirecTV, Best Buy, among others
•• Strong Project Financing Track Record with deals in place to finance more than $9 billion in distributed
solar installations to date
•• Top Quality Installations with industry’s only fully integrated product from patented hardware manufacturing
to post-contract service enabling high quality product with superior aesthetics
•• High Customer Satisfaction as evidenced by > 20% of our new customers in 2013-14 coming from referrals
12. SolarCity Corporation | page 12
Broad Technology Portfolio
Solar Modules
• Triex Tunneling Junction
• High efficiency / low cost
• Module efficiency of >22%
certified by Renewable
Energy Test Center
Grid Control Systems
• Real-time energy monitoring
• Voltage control
• Energy storage integration
Mounting hardware and
Balance of System
• Fast installation,
lower cycle time
• Superior aesthetics
Software
• System design automation
• Energy production
forecasting
• Logistics and resource
management
• Utility rate tariff database
• Energy usage evaluations
• Customer account
management
• Customer applications
13. SolarCity Corporation | page 13
Strong Track Record of Regulatory
Issues to Expand Solar Opportunities
Favorable Solar Policy Continues to Expand Across the U.S. Despite Negative Media Coverage
Recent Positive Regulatory Developments Only Significant Regulatory Setbacks
•• New York removed its NEM cap through at least
12/31/16 while a comprehensive REV docket seeks
to appropriately value distributed solar/clean
energy
•• The Nevada PUC approved an interim tariff that
effectively continues NEM with no cap through
12/31/15, when new rules will be issued.
•• The Colorado PUC decided not to change the
existing NEM program, after reviewing the costs
and benefits of rooftop solar for more than a year.
•• In Arizona, APS withdrew a proposal to the ACC to
increase its existing monthly grid access fee for
solar customers from $0.70/kW to $3.00/kW.
•• A Wisconsin state court vacated the solar-specific
charge that its PSC had approved for WE Energies
in 2014.
•• The Hawaii PUC capped the state’s NEM program at
existing levels (existing installations were grandfathered
in). The PUC’s decision is being challenged in state court
on numerous grounds, including that the PUC violated due
process requirements.
•• SRP implemented anti-solar rate design changes
effective December 2014 (though existing installations
were grandfathered in with no fee). SRP’s action is being
challenged in Arizona federal court, and the court recently
ruled that most of SolarCity’s claims should go forward.
14. SolarCity Corporation | page 14
U.S.RetailElectricityRevenue($m)
Utility Blended Retail Rate ($/kWh)
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$0
>$0.20 >$0.19 >$0.18 >$0.17 >$0.16 >$0.15 >$0.14 >$0.13 >$0.12 >$0.11 >$0.10
Our Blended Avg.
Contract Price:
$0.13/kWh
Total Addressable Opportunity
in U.S. of ~$60b and Growing
At Our Blended Contract Price of ~$0.13/kWh, U.S. Retail Electricity Sales Are Close to $60B5
Addressable Opportunity Expands as Our Costs Continue to Trend Lower and Retail Utility Rates Rise
See Appendix slides for footnotes and relevant definitions
15. SolarCity Corporation | page 15 See Appendix slides for footnotes and relevant definitions
Drivers of Distributed Solar’s Returns
• Retail electricity price
• Cost to develop/install solar
• Annual hours of sun
Industry-wide MW Solar Installed 2011-2H15 in Our 19 States Solar Insolation Levels Make Many Other States Viable
MW Capacity Installed by
the Solar Industry in
Our 17 States
MW Capacity Installed by
the Solar Industry in
Our 17 States
Economics Driven by Costs,
Utility Rates, and Sun
The U.S. Has Installed 6.4 GW of Residential/Commercial Solar in Our 19 States since 20116
Lower Costs and Rising Utility Rates Broaden Distributed Solar’s Target States
29
8
401
177
40
52
3,090
89
578
243
63
87
754
123
1,055
25
131
11
409
16. SolarCity Corporation | page 16
2003 2006 2009 2012 2015
$0.18
$0.16
$0.14
$0.12
$0.10
$0.08
$0.06
$100
$80
$60
$40
$20
$0
Strong Tailwinds from
Rising Utility Rates
Outlook for Growing Utility Infrastructure Capex Points to Further Increases in Utility Rates
Higher Utility Rates Increase the Total Value Created by Distributed Solar
Average U.S. Retail Electricity Rates Have Continued to Rise Over the Last Few Years
Even as Natural Gas Prices Have Fallen to Recent Lows9
Avg.ResidentialUtilityRates($/kWh)
UtilityCapex($B)
Utility Rates in Our Geographies Are Up 49% since 20047
$100B Utility Capex Forecast in 2015 Up >100% Since 20038
2004 20142009
Avg. in our 19 states U.S. average
17. SolarCity Corporation | page 17
High-Quality Cash Flows under
Long-Term Contract
PowerCo Generates Steady and Predictable Energy, Revenue, and High Margin Cash Flow
Energy production of 1.5 TWh (up 75% Y/Y) over the trailing twelve months through Sept. 30, 2015
See Appendix slides for footnotes and relevant definitions
WeeklyEnergyProduction(GWh)
Consistent Annuity-Like Cash Flow Stream
• Long-term contracts of 20 years for residential
PPAs/leases and 30 years for MyPower loans
• Low ongoing annual OM expenses of ~$0.02/W
with inverter replacements anticipated every 10 years
Strong Contract Payment Performance
• When customers sell their homes, we transfer the
solar contract to the new owner 95% of the time
• Roof replacements made easy for low fee
• Average FICO score of cumulative residential
portfolio exceeds 750 as of the end of 3Q15
• Cumulative four-year uncollectible rate of 0.7%
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Record 6.9 GWh
Day in Q3 2015
18. SolarCity Corporation | page 18
Low Cost of Capital with Spreads
Expected to Compress
First Asset-Backed Securitizations Have Secured Low Cost Debt Financing 5% for 8-13 Year Duration
Since Energy Bills Are Typically Among the First Household Bills Paid, We Expect Risk Premiums to Converge with Mortgages
Visibility and Predictability of Long-Term Recurring Cash Flows Yielding Lower Cost of Capital:
• ABS cost of 4-5% is 100 basis points below the 6% discount rate we use in our NPV and Retained Value forecasts
• Class A notes of most recent securitization was rated Single A
• Declining risk premium expected to help offset potential increases in the risk free rate
• Higher interest rates tend to have inflationary impact on utility rates
• Evaluating interest rate hedging products to further manage risk
SCTY Mortgages10
5%
4%
3%
2%
1%
0%
LMC I LMC II LMC III LMC IV 30-yr 20-yr 10-yr
4.8%
3.9% 3.8%
3.0%
4.6%
4.3% 4.4%
AverageTotalCostperWatt
19. SolarCity Corporation | page 19
Scale and Efficiencies Driving
Costs to New Lows
Figures may not add due to rounding
Goal for Total Cost of $2.50/W and Installation Cost of $1.90/W by 2017 Well Within Reach
Our Total Cost per Watt Has Declined at a Compounded Annual Rate of (11%) Since the End of 2012
See Appendix slides for footnotes and relevant definitions
2012 2013 2014 Q3 2015 2017 Goal
$5.00
$4,00
$3.00
$2.00
$1.00
AverageTotalCostperWatt
$2.50
$1.90
Total
SGA
Expect to Lower
2017 Goal by Next
Earnings Report
$1.90
$0.60
$2.84
$1.92
$0.64
$0.27
$2.95
$2.21
$0.50
$0.23
$3.68
$2.96
$0.45
$0.26
$4.73
$3.97
$0.49
$0.27
Installation Sales GA
20. SolarCity Corporation | page 20
Sales Installation Financing Energy Production
Our Value Creation Chain
Development Company Power Company
MW Booked MW Deployed
Contracted Customer Payment
Retained Value
(to Enterprise)
Net Retained Value (to Equity)
PowerCo
Available Cash
Year One Cash
Generation
Operations Maintenance
(+ Inverter Replacement)
Energy Contract Price ($/kWh) x
Annual Production (kWh/kW)
Sales Costs GA Costs
Installation
Costs
Tax Equity
Investment
Tax Equity
Distributions
Project
Debt
Project Debt
Service
System Size (kW)
( )
21. SolarCity Corporation | page 21
Economic Value Creation of $239M
in Q3 and $582M YTD
2015 YTD Economic Value Creation Is Estimated at $582M in Total ($397M Excluding Renewals)
In 3Q15, Economic Value Creation Grew 22% vs. the Prior Quarter, to $239M or $1.21/W
KEY
CONTRACT
TERMS
1Q15
2Q15
3Q15
Blended
Year
One
Energy
Produc2on
[kWh]
1,412
1,380
1,352
Energy
Contract/PBI
Price
(+
Escalator)
[$/kWh]
$0.13
(+2.2%)
$0.13
(+2.2%)
$0.13
(+2.3%)
Unlevered
IRR
11%
12%
12%
Economic
Value
Crea2on
($/W)
$1.07/W
$1.14/W
$1.21/W
$250
$200
$150
$100
$50
$0
EconomicValueCreation($M)
1Q15 2Q15 3Q15
$147
$196
$239
22. SolarCity Corporation | page 22
PowerCo Available Cash of $112M
over Trailing 12 Months
Our Proxy for Steady-State Cash Flow, PowerCo Available Cash (PAC) was $112M over TTM
Excluding Tax Equity Distributions which Drop Off After Year 7, PAC was $171M over the Last Twelve Months
Trailing
Twelve
Months
In
$
Millions
through:
12/31/14
3/31/15
6/30/15
9/30/15
TTM
PowerCo
Revenue
$49.4
$56.1
$86.8
$94.9
$287.2
Operang
Cost
of
Revenue
and
Other
Expenses
($7.7)
($6.8)
($12.8)
($10.9)
($38.2)
Non-‐Cash
Adjustments
and
Changes
in
Working
Capital
($9.3)
($4.8)
($25.0)
($27.6)
($66.8)
Periodic
Receipts
from
Lease
Passthrough
Financing
Obligaon
$14.4
$4.8
$11.0
$2.0
$32.2
PowerCo
OperaFng
Cash
Flow
before
Financing
Costs
$46.8
$49.4
$60.0
$58.4
$214.5
Distribuons
to
tax
equity
partners
($9.9)
($12.1)
($13.7)
($23.1)
($58.7)
Cash
interest
on
PowerCo
debt
($2.5)
($6.8)
($3.6)
($9.4)
($22.2)
Regular
principal
repayment
on
PowerCo
debt
($2.0)
($5.8)
($1.5)
($6.5)
($15.8)
Addional
principal
repayment
on
PowerCo
debt
($5.6)
$-‐
$-‐
$-‐
($5.6)
PowerCo
Available
Cash
$26.9
$24.7
$41.2
$19.4
$112.2
23. SolarCity Corporation | page 23
$3.3B in Net Retained Value
as of 9/30/15
Net Retained Value Represents Our Discounted Cash Forecast to Equity After Net Debt Outstanding
Assuming No New Contracts or Cancellations, Value Retained by Equity Estimated at $3.3B as of the End of Q3 2015
Gross Retained Value was $1.78 per Watt at Sept. 30, 2015
with Residential Lease/PPA at $1.89/W, Commercial at $0.85/W, and MyPower at $3.66/W
* Excludes Convertible Debt Outstanding of $796 Million as It Is Currently Assumed to Settle in Equity
See Appendix slides for footnotes and relevant definitions
Forecast
at
Sept.
30,
2015
($M)
Total
PPA
/
Lease
Energy
Contract
(6%
discount
rate)
$2,770
PPA
/
Lease
Renewal
(6%
discount
rate)
$1,057
MyPower
(6%
discount
rate)
$546
Gross
Retained
Value
Forecast
(6%
discount
rate)
$4,373
-‐
Total
Debt
Outstanding*
($1,535)
+
Cash
and
Short-‐Term
Investments
$418
Net
Retained
Value
$3,256
24. SolarCity Corporation | page 24
Summary
Power Company Development Company
• Investment grade assets with low delinquencies
and loss rates
• $112M in PowerCo Available Cash TTM through
Q3 2015 ($171M post-flip)
• $3.3B in Net Retained Value (cash coming to
SCTY over 30 years less net debt today)
• Massive and expanding addressable geographies of operation
• 33% of U.S. residential and 8% of U.S. commercial solar
installations in 1H15
• MW Installed growth of 83% per year since 2013
• Lowest all-in unit costs of the industry*
• 2015 YTD Economic Value Creation of $582M ($1.15 per
watt) with avg. annual cash flow of $0.06/W over 20 years
* Based on data from publicly-traded companies
26. SolarCity Corporation | page 26
Appendix A: Derivation of Economic
Value Creation
30-Yr. NPV of
$239M ($169M
contracted/$70M
renewal) or $1.21
per Watt at 6%
discount rate
Unlevered IRR
of 12%
* Figures on page may not calculate exactly due to rounding
Net Present Value Forecast of $239M to Equity after Forecasted Debt on Q3 2015 Deployments
Debt Assumes 4.5% Cost at a 68-75% Advance Rate on Cash Flows for 20 Yrs. for Leases/PPAs and 30 Yrs. for MyPower
$ Million
Blended Q3 2015
Deployments2
DevCo
Investment
PowerCo
Cash Flow Forecast
Project Cash Flow Forecast: Year 1
Annual Avg. of
Tax Equity Period
(Yrs. 1 – 6.7)
Annual Avg. of
Post-Tax Equity
Period
(Yrs. 6.7 – 20)
Annual Avg. ,of
Remaining Life
(Yrs. 20-30)
Customer and PBI Revenue
1,352 kWh/kW (-0.5% / Yr.)
x $0.13/kWh (@ 2.3% esc.)
$37M $46M $54M
SREC Revenue Blended Contracted $4M
Upfront Development Investment 198 MW x $2.84/W ($561M) $- $- $-
State Rebates and Prepayments
Blended average
across portfolio
$18M $- $- $-
Operations Maintenance Costs $0.02/W (+ 2.5% / Yr.) ($4M) ($8M) ($9M)
Gross Project Cash Flow Forecast ($543M) $37M $38M $45M
Project Financing:
Tax Equity Lease/PPA Investment
and Distributions
30-40% Pre-Flip;
7% Post-Flip
$307M ($11M) ($2M) ($3M)
PowerCo Unlevered Project Cash Flow Forecast ($236M) $26M $36M $42M
Forecasted Non-Recourse Debt 4.5% interest rate $251M ($18M) ($20M) $-
PowerCo Available Cash Forecast $15M $8M $16M $42M
27. SolarCity Corporation | page 27
Appendix B: GAAP Income Statement
Customer Payment Revenue
• Primarily represents customer payments
recognized as received over the life of the
energy contract, typically 20-30 years
• Also includes amortization of rebate/ITC
incentive revenue
Development Investment
• Largely represents investment to support
new MWs booked and deployed each period
• GAAP profitability constrained with operating
lease revenue recognized over the life of a
contract but certain development expenses
for MWs booked/deployed booked as
incurred
Depreciation and OM
• Almost entirely composed of depreciation of
the capitalized (1) installation costs and (2)
variable sales costs of Solar Energy Systems
Leased to Customers
• Also includes operations maintenance
expenses at current run rate of ~$0.01/W
• Non-cash amortization of intangibles of
$10m in in 2014
$ in thousands Consolidated GAAP Income Statement
Revenue: 2013 2014 Q3 2014 Q3 2015
Operating leases and solar energy system incentives $82,856 $173,636 $52,178 $85,059
Solar energy systems and components sales $80,981 $81,395 $6,165 $28,798
Total revenues $163,837 $255,031 $58,343 $113,857
Cost of revenue:
Operating leases and solar energy system incentives $32,745 $92,920 $25,728 $46,015
Solar energy systems and components sales $91,723 $83,512 $6,640 $42,554
Total cost of revenues $124,468 $176,432 $32,368 $88,569
Gross profit (loss) $39,369 $78,599 $25,975 $25,288
Operating Expenses:
Sales and Marketing $97,426 $238,608 $56,472 $129,284
General and Administrative $89,802 $156,426 $39,608 $69,423
Research Development $1,519 $19,162 $4,235 $17,652
Total Operating Expenses $188,747 $414,196 $100,315 $216,359
Loss from operations ($149,378) ($335,597) ($74,340) (191,071)
Operating lease and solar energy system incentive
gross margin
60% 46% 51% 46%
28. SolarCity Corporation | page 28
Appendix C: Q3 2015 GAAP
Condensed Balance Sheet
$ in millions As of
Jun. 30, 2015 Sept. 30, 2015
Cash Short-Term Investments (Unrestricted) $489 $418
Inventories $280 $309
Other Current Assets $154 $208
Solar Energy Systems, Leased and To Be Leased $3,421 $3,870
Other Long-Term Assets $1,361 $1,707
Total Assets $5,705 $6,512
Accounts Payable, Accrued and Other Liabilities $491 $538
Other Current Liabilities $53 $49
Deferred Revenue (Current Long-Term) $857 $986
Long-Term Debt (Current Long-Term) $624 $878
Solar Bonds Debt (Current Long-Term) $202 $211
Convertible Debt $796 $796
Solar-Asset Backed Notes (Current Long-Term) $311 $425
Deferred U.S. Treasury Grant Income (Current Long-Term) $405 $401
Other Long-Term Liabilities $482 $606
Total Liabilities $4,221 $4,890
Stockholders’ Equity $759 $815
Noncontrolling Interests and Redeemable Noncontrolling interests $725 $807
Total Liabilities and Shareholder’s Equity $5,705 $6,512
29. SolarCity Corporation | page 29
Appendix D: Debt Profile
$123M LMC4 Issued at
4.4% WACC and Rated A
Power
Company
Debt
Development
Company
Debt
516 MW undeployed
capacity as of 10/28/15
Weighted-Average 2.2%
interest rate and 1.3 Yrs.
Remaining Term
Terms
(Yrs.)
$M
Outstanding
at
End
of
3Q15
Pre-‐
Tax
Cost
Recourse
Payment
Schedule
Investment-‐Grade
ABS
Debt
8
-‐
13
$425M
4-‐5%
Non-‐Rec.
AmorAzing
AggregaAon/
MyPower
FaciliAes
2
-‐
3
$570M
3-‐4%
Non-‐Rec.
AmorAzing
Tax
Equity
5
-‐
8
$1,154M*
[8-‐9%]
Equity
(Non-‐Rec.)
AmorAzing
Revolver
and
Other
1
$308M
3-‐4%
Recourse
Term
Solar
Bonds
1
-‐
15
$211M
1-‐4%
Recourse
Term
ConverAble
Debt
5
$796M
1-‐3%
Recourse
Term
Terms
(Yrs.)
$M
Outstanding
at
End
of
3Q15
Pre-‐
Tax
Cost
Recourse
Payment
Schedule
Investment-‐Grade
ABS
Debt
8
-‐
13
$425M
4-‐5%
Non-‐Rec.
AmorAzing
AggregaAon/
MyPower
FaciliAes
2
-‐
3
$570M
3-‐4%
Non-‐Rec.
AmorAzing
Tax
Equity
5
-‐
8
$1,154M*
[8-‐9%]
Equity
(Non-‐Rec.)
AmorAzing
Revolver
and
Other
1
$308M
3-‐4%
Recourse
Term
Solar
Bonds
1
-‐
15
$211M
1-‐4%
Recourse
Term
ConverAble
Debt
5
$796M
1-‐3%
Recourse
Term
Terms
(Yrs.)
$M
Outstanding
at
End
of
3Q15
Pre-‐
Tax
Cost
Recourse
Payment
Schedule
Investment-‐Grade
ABS
Debt
8
-‐
13
$425M
4-‐5%
Non-‐Rec.
AmorAzing
AggregaAon/
MyPower
FaciliAes
2
-‐
3
$570M
3-‐4%
Non-‐Rec.
AmorAzing
Tax
Equity
5
-‐
8
$1,154M*
[8-‐9%]
Equity
(Non-‐Rec.)
AmorAzing
Revolver
and
Other
1
$308M
3-‐4%
Recourse
Term
Solar
Bonds
1
-‐
15
$211M
1-‐4%
Recourse
Term
ConverAble
Debt
5
$796M
1-‐3%
Recourse
Term
Terms
(Yrs.)
$M
Outstanding
at
End
of
3Q15
Pre-‐
Tax
Cost
Recourse
Payment
Schedule
Investment-‐Grade
ABS
Debt
8
-‐
13
$425M
4-‐5%
Non-‐Rec.
AmorAzing
AggregaAon/
MyPower
FaciliAes
2
-‐
3
$570M
3-‐4%
Non-‐Rec.
AmorAzing
Tax
Equity
5
-‐
8
$1,154M*
[8-‐9%]
Equity
(Non-‐Rec.)
AmorAzing
Revolver
and
Other
1
$308M
3-‐4%
Recourse
Term
Solar
Bonds
1
-‐
15
$211M
1-‐4%
Recourse
Term
ConverAble
Debt
5
$796M
1-‐3%
Recourse
Term
Terms
(Yrs.)
$M
Outstanding
at
End
of
3Q15
Pre-‐
Tax
Cost
Recourse
Payment
Schedule
Investment-‐Grade
ABS
Debt
8
-‐
13
$425M
4-‐5%
Non-‐Rec.
AmorAzing
AggregaAon/
MyPower
FaciliAes
2
-‐
3
$570M
3-‐4%
Non-‐Rec.
AmorAzing
Tax
Equity
5
-‐
8
$1,154M*
[8-‐9%]
Equity
(Non-‐Rec.)
AmorAzing
Revolver
and
Other
1
$308M
3-‐4%
Recourse
Term
Solar
Bonds
1
-‐
15
$211M
1-‐4%
Recourse
Term
ConverAble
Debt
5
$796M
1-‐3%
Recourse
Term
Terms
(Yrs.)
$M
Outstanding
at
End
of
3Q15
Pre-‐
Tax
Cost
Recourse
Payment
Schedule
Investment-‐Grade
ABS
Debt
8
-‐
13
$425M
4-‐5%
Non-‐Rec.
AmorAzing
AggregaAon/
MyPower
FaciliAes
2
-‐
3
$570M
3-‐4%
Non-‐Rec.
AmorAzing
Tax
Equity
5
-‐
8
$1,154M*
[8-‐9%]
Equity
(Non-‐Rec.)
AmorAzing
Revolver
and
Other
1
$308M
3-‐4%
Recourse
Term
Solar
Bonds
1
-‐
15
$211M
1-‐4%
Recourse
Term
ConverAble
Debt
5
$796M
1-‐3%
Recourse
Term
30. SolarCity Corporation | page 30
Appendix E: Financing Value Chain
Visibility and Predictability of Long-Term Recurring Cash Flows Yielding Lower Cost of Capital:
•• Aggregation facilities and securitization are non-recourse and collateralized by our interests in customer cash flows under contract
•• Electric utility bill default rates are historically lower than those of residential mortgage payments
•• Continued compression in the risk premium of distributed solar to help offset potential rise in risk free rates
Corporate Revolver
Tax Equity
Term Financing
Aggregation
Facilities
Development Deployment Operation during contract renewal
120 Days
$334M Facility
at 3.25% + LIBOR
$650M Facility
at 2.75% + LIBOR
Long-Term Debt Securitization
at 4.3%-4.8% and Rated BBB+ by SP
5 Years 30 Years
31. SolarCity Corporation | page 31
Appendix F: Footnotes
1
Single-family housing units based on data from U.S. Census
2013 American Community Survey’s “Housing Units by
Units in Structure and State: 2013” and assumes 1.0%
annual growth in the housing stock per year through 2015.
Excludes multi-family, mobile, and other housing units.
2
Fair Issac Corporation October 2013
3
Commercial buildings count from EIA’s 2012 Commercial
Buildings Energy Consumption and commercial solar
installations SEIA (Solar Energy Industries Association) and
Greentech Media’s “U.S. Solar Market Insight Report” as of
the end of 2014.
4
GTM Research – U.S. PV Leadership Board
5
“Electric Sales, Revenue, and Price” from EIA’s Electric
Power Annual 2013 report (http://www.eia.gov/electricity/
data.cfm#sales)
6
SEIA (Solar Energy Industries Association) and Greentech
Media’s “U.S. Solar Market Insight Report,” based on a
sum of “residential” and “commercial” installations and
excluding “utility-scale” projects from Q1 2011 to Q1 2015
(the most recent data available).
7
EIA
8
EEI
9
Henry Hub Natural Gas Spot Price - EIA
10
Mortgage rates from bankrate.com as of November 2015.
32. SolarCity Corporation | page 32
Appendix G: Definitions (1/3)
“Backlog” represents the aggregate megawatt capacity of solar energy systems not yet
deployed as of the date specified pursuant to Energy Contracts and contracts for solar energy
system direct sales executed as of such date.
“Customers” includes all residential, commercial and government buildings where we have
installed or contracted to install a solar energy system, or performed or contracted to
perform an energy efficiency evaluation or other energy efficiency services.
“Energy Contracts” includes all residential, commercial and government leases and power
purchase agreements and consumer loan agreements pursuant to which consumers use or
will use energy generated by a solar energy system that we have installed or contracted to
install. For landlord-tenant structures in which we contract with the landlord or development
company, we include each residence as an individual contract. For commercial customers
with multiple locations, each location is deemed a contract if we maintain a separate contract
for that location.
“Economic Value Creation” forecast represents our estimate of the 30-year net present value
at a discount rate of 6% of the incremental PowerCo Project Available Cash Forecast from the
MW Deployed during the applicable period under Energy Contracts. All estimates are before
financing transaction costs. “PowerCo Available Cash Forecast” represents (i) Gross Project
Cash Flow Forecast, less the sum of (ii) Year One Net Project Investment, (iii) Tax Equity Lease/
PPA Distributions, and (iv) debt service on our Forecasted Non-Recourse Debt.
“Year One Net Project Investment” represents our estimate of the required
net cash investment of the MW Deployed during the applicable period
under Energy Contracts. It is based on (a) the total implied Year One upfront
cost of the MW Deployed during the applicable period under Energy Contracts
based on our total Cost per Watt reported in the applicable period, and is net
of the sum of (b) upfront state rebates and customer prepayments, (c) total
expected investment from our tax equity fund investors in the associated
lease and PPA Energy Contracts based on agreements already in place, and
(d) Forecasted Non-Recourse Debt.
“Gross Project Cash Flow Forecast” represents our estimate of the total project
cash flows before financing forecast from the MW Deployed during the applicable
period under Energy Contracts over the 30-year expected lives of the systems.
This includes (a) cash payments forecast from our customers over the
remaining term of such Energy Contracts, (b) estimated performance-based
incentives allocated to us over the life of the Energy Contract, and (c)
the associated solar renewable energy certificates [SRECs] allocated to us
that have been sold under contract (typically representing 5 years of a
total potential term of 15 years), and are net of (d) estimated operations
and maintenance, insurance, administrative and inverter replacement costs.
Operations and maintenance, insurance, and administrative costs reflect
our operating expenses in our funds, or are estimated at $0.021 per watt and
assumed to grow at a 2.5% inflation rate per year, and inverter replacement
unit costs are estimated to decline at a (2.5%) rate per year. Energy production
is estimated to degrade at 0.5% per year. For our MyPower Energy Contracts, we
use the expected cash flows over the full term of the 30-year contract, and for
lease and PPA Energy Contracts with terms less than 30 years, we assume the
contracts are renewed at a contract price equal to 90% of the contractual price in
effect at expiration of the initial term through the remainder of the expected 30-
year system life.
“Tax Equity Lease/PPA Distributions” are based on the terms of the agreements
we have in place with our tax equity investment partners for the MW Deployed
in the applicable period under lease and PPA Energy Contracts. We do not use
tax equity investment for our MyPower product. For tax equity investment in our
lease and PPA Energy Contracts, our investment partners share in a portion
of the Gross Project Cash Flow received over the term of the agreement.
Our estimate is not inclusive of any potential buy-out of our tax equity partners’
interests in the project after their minimum rate of return is achieved.
“PowerCo Unlevered Project Cash Flow” forecast represents Gross Project
Cash Flow Forecast less Tax Equity Lease/PPA Distributions and is before the
servicing of Forecasted Non-Recourse Debt.
“Forecasted Non-Recourse Debt” is estimated based on the forecasted terms
of the long-term non-recourse debt we expect to issue collateralized by the MW
Deployed during the applicable period under Energy Contracts. We forecast
a 73% advance rate on the contracted Gross Project Cash Flow Forecast for
our lease and PPA Energy Contracts using a 6% discount rate and a 75% advance
rate on the contracted Gross Project Cash Flow Forecast for our MyPower loans
using a 6% discount rate based on the terms of the current outstanding facility
we use to fund that product. We further assume a 4.5% interest rate, implying
principal amortization over ~20 years.
“Financing Receivables” represents our forecast of the additional non-recourse debt
financing we estimate we have the capacity to issue through collateralizing our Energy
Contracts available for non-recourse debt financing. For our MyPower Energy Contracts, we
assume total leverage of $2.65 per watt based on our existing outstanding facility to fund this
product. For our lease and PPA Energy Contracts, we assume total leverage of $1.05 per watt
for (as compared to our three prior solar asset-backed loan issuances at $1.24 per watt, $1.48
per watt, and $1.71 per watt).
33. SolarCity Corporation | page 33
Appendix G: Definitions (2/3)
“Gross Retained Value” forecast represents our estimate of the 30-year net present value at
a discount rate of 6% of the unlevered cash flows remaining from all of our Energy Contracts
after tax equity distributions but before any additional project or other debt issued to develop
and install the systems. It represents the sum of (1) “PPA/Lease Energy Contract Gross
Retained Value,” (2) “PPA/Lease Renewal Gross Retained Value,” and (3) “MyPower Gross
Retained Value.”
“PPA/Lease Energy Contract Gross Retained Value” forecast represents
our estimate of the net present value at a discount rate of 6% of the unlevered
net cash flows forecast from all of our lease and PPA Energy Contracts (excluding
MyPower consumer loan energy contracts) over the remaining contracted term.
This includes for each lease and PPA Energy Contract (a) the Nominal Contracted
Payments Remaining, (b) estimated performance-based incentives allocated
to us over the term of the Energy Contract, and (c) the associated SRECs allocated
to us that have been sold under contract (typically representing 5 years of
a total potential term of 15 years), and is net of (d) amounts we are obligated
to distribute to our fund investors, (e) upfront rebates, (f) depreciation, and
(g) estimated operations and maintenance, insurance, administrative and inverter
replacement costs. Operations and maintenance, insurance, and administrative
costs reflect our operating expenses in our funds, or are estimated at $0.021
per watt and assumed to grow at a 2.5% inflation rate per year, and inverter
replacement unit costs are estimated to decline at a (2.5%) rate per year.
Energy production is estimated to degrade at 0.5% per year. This metric includes
all lease and PPA Energy Contracts for solar energy systems deployed and
in Backlog.
“PPA/Lease Renewal Gross Retained Value” forecast represents our estimate
of the net present value at a discount rate of 6% of the additional customer
cash payments we would receive upon renewal of all lease and PPA Energy
Contracts (excluding MyPower consumer loan agreements) through a total
term of 30 years at a price equal to 90% of the contractual price in effect
at expiration of the initial term, escalating at the same rate per year as set in
the original lease and PPA Energy Contracts, and is net of estimated operations
and maintenance, insurance, administrative and inverter replacement costs.
Operations and maintenance, insurance, and administrative costs and
energy production degradation rates are based on the same assumptions as
in PPA/Lease Energy Contract Gross Retained Value. This metric includes all
lease and PPA Energy Contracts for solar energy systems deployed and in Backlog.
We assume renewal due to both (1) a longer life expectancy of the equipment
used in our solar energy systems (typically 30 years or more) vs. our lease and
PPA contract terms (typically 20 years) and (2) our assumption utility retail rates
continue to increase at their historic pace and our expectation that the price of
our energy contracts will continue to represent an economic incentive for our
customers to renew their contracts.
“MyPower Gross Retained Value” forecast represents our estimate of the
net present value at a discount rate of 6% the unlevered net cash flows forecast
from all of our MyPower consumer loan Energy Contracts (excluding lease
and PPA Energy Contracts) over the remaining contracted term. This includes
for each of our MyPower consumer loan agreements (a) the Nominal
Contracted Payments Remaining, (b) estimated performance-based incentives
allocated to us over the life of the Energy Contract, (c) and the associated SRECs
allocated to us that have been sold under contract (typically representing 5
years of a total potential term of 15 years), and is net of (d) upfront rebates,
(e) depreciation, and (f) estimated operations and maintenance, insurance,
administrative and inverter replacement costs. Operations and maintenance,
insurance, and administrative costs and energy production degradation rates
are based on the same assumptions as in PPA/Lease Gross Retained Value.
This metric includes all MyPower consumer loan Energy Contracts for solar energy
systems deployed and in Backlog.
“Gross Retained Value per Watt” is computed by dividing Gross Retained Value
as of such date by the sum of total MWs deployed under Energy Contracts as
of such date plus MWs booked under Energy Contracts as of such date but
not yet deployed.
“MW” or “megawatts” represents the DC nameplate megawatt production capacity.
“MW Booked” represents the aggregate megawatt production capacity of solar energy
systems pursuant to customer contracts signed (with no contingencies remaining) during the
applicable period net of cancellations during the applicable period. This metric includes solar
energy systems booked under Energy Contracts as well as for solar energy system direct sales.
“MW Deployed” represents the megawatt production capacity of solar energy systems that
have had all required building department inspections completed during the applicable
period. This metric includes solar energy systems deployed under Energy Contracts as well as
for solar energy system direct sales.
34. SolarCity Corporation | page 34
Appendix G: Definitions (3/3)
“MW Installed” represents the megawatt production capacity of solar energy systems, for
which (i) all solar panels, inverters, mounting and racking hardware, and system wiring have
been installed, (ii) the system inverter is connected and a successful DC string test has been
completed confirming the production capacity of the system, and (iii) the system is capable of
being grid connected (including pending a utility disconnect procedure), the latest of which is
completed during the applicable period. This metric includes solar energy systems deployed
under Energy Contracts as well as for solar energy system direct sales. In each case in-period
completion of the above criteria may be demonstrated by written verification by each of the
Chief Financial Officer and the Chief Operating Officer (which may include written sub-
certifications).
“Net Retained Value” forecast represents Gross Retained Value less (i) net debt outstanding
as of the applicable period end and (ii) forecasted net cash costs to deploy backlog as of such
date. “Net debt” represents the aggregate amounts outstanding under all non-convertible
debt facilities, including all solar asset-backed loans, aggregation and MyPower facilities, Solar
Bonds, other corporate debt, and our revolving credit facility as of the applicable period
end, net of available cash and cash equivalents as of the applicable period end, and excludes
outstanding convertible notes which we assume will be settled in equity. “Forecasted Net
Cash Costs to Deploy Backlog” represents our estimate of the cash required to complete
deployment of systems under Energy Contracts in backlog as of the applicable period
end; it assumes the installation cost of the most recent period net of the expected tax
equity investment from those deployments and no cancellations, and is net of the amount
outstanding under our revolving credit facility as of the applicable period end, which we have
assumed for this purpose to have been drawn down to fund initial sales costs and working
capital to develop our backlog to date. This excludes incremental GA and any potential
future sales costs related to such MW.
“Nominal Contracted Payments Remaining” represents our estimate of the sum of cash
payments that are customers are obligated to pay us under our Energy Contracts over the
remaining term of such contracts. This metric includes Energy Contracts for solar energy
systems deployed and in Backlog. As an example, if a customer is 2 years into her 20 year
contract, then 18 years of contract payments remain. As an additional example, if a customer
chose to pre-pay her Energy Contract, then it is included in estimated Nominal Contracted
Payments Remaining only while it is in Backlog as the pre-payment has not been received.
Payments for direct sales are not included.
“PowerCo Available Cash” represents the net cash flows associated solely with our
Power Business, which generates a predictable long-term cash flow stream from our
Energy Contracts and the underlying solar energy systems that have cumulatively been
deployed through the applicable period. It excludes the net cash flows associated with our
Development Business, which is dedicated to investing in and financing new solar energy
systems to grow our Power Business, and thus excludes (a) installation costs, (b) sales
costs, and (c) GA costs incurred through the applicable period. PowerCo Available Cash
represents our core cash flow generation assuming no additional development of new
customer installations, though if PowerCo were actually to separate from DevCo it would
likely retain some portion of the GA costs. PowerCo Available Cash is calculated as (1) total
cash payments from all Energy Contracts installed through the applicable period, including
PBIs and SRECs less the sum of (2) operations and maintenance, insurance, administrative
and inverter replacement cash costs, (3) tax equity cash distributions, and (4) interest and
principal repayment debt service on all non-convertible debt including solar asset-backed
loans, aggregation facilities, revolving credit facilities, and Solar Bonds.
“Undeployed Tax Equity Financing Capacity” represents a forecast of the amount of MW that
can be deployed based on committed available tax equity financing for Energy Contracts.
“Unlevered IRR” represents our forecast of the internal rate of return (IRR) we expect to
receive on our Unlevered Year One Investment for MW Deployed during the applicable period
under Energy Contracts based on PowerCo Unlevered Project Cash Flow. “Unlevered Year
One Investment” represents Year One Net Project Investment, less total expected investment
from our tax equity fund investors in our lease and PPA Energy Contracts.