By Ehren Goossens

General Electric Co. (GE), the world’s largest maker of power-generation equipment, participated in a $15 million equity investment in the solar financing company Sungevity Inc.

The funding will help the company expand into additional markets, Oakland California-based Sungevity said today in a statement. The other participants in the funding round weren’t identified.

GE’s support is a vote of confidence in Sungevity’s business, Andrew Birch, the solar company’s chief executive officer, said today in an interview. As prices for photovoltaic panels fall, so will his costs to install power systems, and demand will grow.

“The average cost of solar is going to be lower than the average U.S. retail electricity prices in the next two years,” said Birch. “Prices have fallen really fast, more aggressively than we originally thought.”

The average price for solar panels is 83 cents a watt, according to data compiled by Bloomberg, down 9.8 percent from a year ago.

Sungevity leases rooftop solar system in nine U.S. states, Australia and Europe.

Posted by Wyatt Roy

Wyatt served as Sungevity's voice on social media through 2012. He left to pursue his passion for filmmaking. Check out his work at http://makucreative.com.

One Comment

  1. Arthur M. Gallagher July 9, 2013 at 1:24 am

    Will you be coming to the “Sun Shine State”? Will this new funding allow me to put solar panels on my roof here in Clewiston FL 33440?

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