Logo: SolarCity, Public domain

SolarCity

Residential and commercial solar installation company.

Solar energyClean energyEnergy storageTesla

Acquired^{Source [2]}Last verified Oct 2, 2026

About SolarCity

SolarCity designed, manufactured, installed and sold or leased solar energy systems to residential and commercial customers, or sold them the electricity those systems produced. It was headquartered in San Mateo, California.^{Source [3]}

Most customers bought energy from SolarCity under long-term agreements, typically 20 years, at prices it set below local utility rates, which gave the company recurring payments. It also offered MyPower solar loans, made Zep Solar mounting hardware, began producing solar cells and modules after buying Silevo, and sold battery storage for homes and businesses.^{Source [3]}

Lyndon Rive and Peter Rive co-founded the company in 2006 and served as CEO and CTO, with Elon Musk as chairman from July 2006. It went public on Nasdaq in December 2012 at $8.00 per share. By the end of 2015 it had installed 232,940 solar energy systems, installed 870 megawatts that year, and had 15,273 employees.^{Source [1]}^{Source [4]}^{Source [3]}

Tesla acquired SolarCity on November 21, 2016 in an all-stock deal valued at about $2.1 billion, and it became a wholly owned Tesla subsidiary. Tesla stockholders sued over the deal; the Delaware Court of Chancery ruled for Musk on all counts in April 2022, and the Delaware Supreme Court affirmed in June 2023.^{Source [2]}^{Source [5]}^{Source [6]}

What happened

Co-founded in 2006 by Lyndon Rive, who served as CEO, with Elon Musk as chairman from July 2006. Tesla acquired it on November 21, 2016, and it became a wholly owned subsidiary of Tesla.^{Source [1]}^{Source [2]}^{Source [7]}

Timeline

2023-06-06Delaware Supreme Court affirmed the ruling for Musk in the stockholder suit over Tesla's purchase of SolarCity.^{Source [6]}
2022-04-27Delaware Court of Chancery entered judgment for Musk on all counts.^{Source [6]}
2016-11-21Tesla completed the acquisition, exchanging 0.110 Tesla shares for each SolarCity share.^{Source [2]}^{Source [5]}
2016-07-31Signed the merger agreement with Tesla.^{Source [2]}
2015Installed 870 megawatts in the year, reaching 232,940 systems installed in total.^{Source [3]}
2015-08Acquired Ilioss, a commercial and industrial solar developer in Mexico.^{Source [3]}
2015-04Announced a residential battery backup service using Tesla's Powerwall.^{Source [3]}
2014-09Acquired Silevo, a solar panel technology and manufacturing company.^{Source [3]}
2014Launched MyPower solar loans.^{Source [3]}
2013Acquired Zep Solar.^{Source [3]}
2012-12-12Priced its IPO at $8.00 per share on Nasdaq under SCTY.^{Source [4]}
2006-07Elon Musk became chairman and Lyndon Rive became CEO.^{Source [1]}
2006-06-21Incorporated in Delaware.^{Source [3]}

Products and brands

SolarLease and SolarPPA: Long-term lease and power purchase agreements for solar energy at rates typically below utility prices.^{Source [3]}
MyPower: SolarCity-financed loan for customer-owned solar systems, launched in 2014.^{Source [3]}
Zep Solar: Mounting and grounding hardware for solar panels.^{Source [3]}
Energy storage: Residential battery backup using Tesla's Powerwall and the DemandLogic system for commercial customers.^{Source [3]}
Silevo solar panels: Solar cells and modules from the acquired Silevo business, with a factory planned in Buffalo, New York.^{Source [3]}

How it makes money: Sold renewable energy and solar systems mainly through long-term leases, power purchase agreements and loans, creating recurring customer payments that it used to raise financing.^{Source [3]}

Leadership

Lyndon Rive	Co-founder and CEO^{Source [1]}	Since 2006
Peter Rive	Co-founder and CTO^{Source [1]}	Since 2006
Tanguy V. Serra	President and CFO^{Source [1]}	Since 2015
Elon Musk	Chairman^{Source [1]}^{Source [7]}	2006 to 2016

Funding and financials

Revenue: $399.6 million (2015)^{Source [3]}
Net loss: $768.8 million (2015)^{Source [3]}
IPO price: $8.00 per share (December 2012)^{Source [4]}
Acquisition value: About $2.1 billion in Tesla stock and awards (November 2016)^{Source [5]}

Notable acquisitions

Ilioss^{Source [3]}	2015
Silevo^{Source [3]}	2014
Zep Solar^{Source [3]}	2013

People on Founded, and where they went next

1 person on record, connected to 10 other companies.

Person	Here	Also built
Elon Musk	Chairman2006 to 2016	xAI2023 to 2026AcquiredX Corp.2022 to 2025AcquiredThe Boring Company2017ActiveNeuralink2016ActiveOpenAI2015 to 2018ActiveTesla2004 to nowIPOSpaceX2002 to nowIPOPayPal2000IPOX.com1999MergedZip21995 to 1999Acquired

Sources

SolarCity Corporation 2016 Proxy Statement (DEF 14A), SEC EDGAR, 2016-04-21. Accessed Oct 2, 2026.
SolarCity Corporation Form 8-K: completion of merger with Tesla, SEC EDGAR, 2016-11-21. Accessed Oct 2, 2026.
SolarCity Corporation Annual Report (Form 10-K) for fiscal year 2015, SEC EDGAR, 2016-02-10. Accessed Oct 2, 2026.
SolarCity Corporation IPO Prospectus (Form 424B4), SEC EDGAR, 2012-12-13. Accessed Oct 2, 2026.
Tesla, Inc. Annual Report (Form 10-K) for fiscal year 2016, SEC EDGAR, 2017-03-01. Accessed Oct 2, 2026.
Tesla, Inc. Quarterly Report (Form 10-Q) for the quarter ended June 30, 2023, SEC EDGAR. Accessed Oct 2, 2026.
Tesla, Inc. 2025 Proxy Statement (DEF 14A), SEC EDGAR, 2025-09-17. Accessed Oct 2, 2026.

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