SolarCity Q2 installation levels beat guidance

Concurrently with the announcement of a merger agreement between Tesla and SolarCity, SolarCity has released selected operating results for the second quarter of 2016, in advance of the full release of financial results.

SolarCity installed 201 MW of solar PV during the quarter, in excess of the 185 in its guidance. The company also reports that the capacity of PV installations which it has booked has increased 40% over the first quarter of 2016, and says that this drove a “significant” improvement in the sales portion of system costs.

Despite this, SolarCity is still lowering its 2016 guidance from 900-1,000 MW, from 1,000-1,100 MW, and says that it will adjust its fully loaded cost structure accordingly.

“A range of sales process improvements and the introduction of a new loan offering began to help improve bookings in the second quarter, but residential bookings in the first half of the year were still lower than we anticipated overall,” states the company.

SolarCity plans to report full Q2 2016 earnings after the markets close on August 9, 2016. The company remains by far the largest residential solar installer in the United States, however during Q1 SolarCity’s position as the leading C&I installer was surpassed by Connecticut-based installer Greenskies.