Solarcity投资推介材料

DeliveringBetterEnergyInvestorPresentationSlide2Forward-LookingStatementsThispresentationcontainsforward-lookingstatementsthatinvolverisksanduncertainties,includingstatementsregardingSolarCity’scustomerandmarketgrowthopportunities,financialstrategiesforcashgenerationandincreasingshareholdervalue,thedeploymentofmegawattscurrentlyincludedinbacklog,theretainedvalueunderenergycontractsandofcontractrenewals,theamountofmegawattsthatcanbedeployedbasedoncommittedavailablefinancingandexecutedtermsheets,andassumptionsrelatingtotheforegoing.Forward-lookingstatementsshouldnotbereadasaguaranteeoffutureperformanceorresults,andwillnotnecessarilybeaccurateindicationsofthetimesat,orby,whichsuchperformanceorresultswillbeachieved,ifatall.Forward-lookingstatementsaresubjecttorisksanduncertaintiesthatcouldcauseactualperformanceorresultstodiffermateriallyfromthoseexpressedinorsuggestedbytheforward-lookingstatements,includingtheeffectofelectricutilityindustryregulations,netmeteringandrelatedpolicies,theavailabilityandamountofrebates,taxcreditsandotherfinancialincentives,theavailabilityandamountoffinancingfromfundinvestors,theretailpriceofutility-generatedelectricityortheavailabilityofalternativeenergysources,risksassociatedwithSolarCity’srapidgrowth,risksthatconsumerswhohaveexecutedenergycontractsincludedinreportednominalcontractedpaymentsremainingandbacklogmayseektocancelthosecontracts,assumptionsastoretainedvalueunderenergycontractsandcontractrenewalratesandterms,includingapplicablenetpresentvalues,performance-basedincentives,andotherrebates,creditsandexpenses,SolarCity’slimitedoperatinghistory,particularlyasanewpubliccompany,changesinstrategicplanningdecisionsbymanagementorreallocationofinternalresources,andgeneralmarket,political,economicandbusinessconditions.Youshouldreadthesectionentitled“RiskFactors”inourQuarterlyReportonForm10-Q,whichhasbeenfiledwiththeSecuritiesandExchangeCommissionandidentifiescertainoftheseandadditionalrisksanduncertainties.Wedonotundertakeanyobligationtopubliclyupdateorreviseanyforward-lookingstatement,whetherasaresultofnewinformation,futuredevelopmentsorotherwise.OurVisionCreatethemostcompellingenergycompanyofthe21stcenturybydeliveringcleaner,cheaperpowerthroughdistributedgenerationSlide4ValuePropositionYieldsValueCreationforShareholdersNoUpfrontCostOfInstallationASimpleSwitchtoSolarEasilyTransferrableuponMovingSolarPaidforbytheMonthlikeaUtilityBill,OnlyLower:Consistent,Predictable20-YearCashFlowsEconomicsImprovefromLowerCostofCapitalandSystem-InstalledCost/WattOpportunityforUpsellingtoOtherEnergyServicesSlide5AggregateCashFlowsUnderContract$1.2batQ12013BacklogatMay8,2013:195MWNominalContractedPaymentsOutstandingGrew117%CompoundedAnnually2009to20121062734861,1091,22202004006008001000120014002092010201120121Q13EstimatedNominalContractedPaymentsRemaining($inmillion)Slide6333MWDeployedand57kCustomersthroughQ12013*2013ERepresentsGuidancetheCompanyasofMay13,20133172157250010203040500501001502002503002010201120122013E*CumulativeCustomers(inthousands)MWsDeployedinPeriodMWDeployedCustomersSlide7*Roughly45%ofInstalledBaseofOperatingLeaseContractsArePPAsthatAreVariableBasedonProduction,WhileAround55%AreLeasesBasedonFixedMonthlyPaymentsDailyRecordGenerationof1.7GWhAchievedinApril:DistributedonRooftopsonSameSiteasItIsConsumedRequiringNoTransmissionandDistributionMinimalMaintenanceandNoFeedstockCostsEnergyProductionUp132%Y/YinQ12013D-08M-09J-09S-09D-09M-10J-10S-10D-10M-11J-11S-11D-11M-12J-12S-12D-12M-13GWhProduction(Weekly)Q4-Q1:LowestPeriodsofProductionQ2-Q3:HighestPeriodsofProductionSolarproductionandthereforeoperatingleaserevenueisseasonalSlide8EnormousAddressableMarketHasBarelyBeenPenetratedRangeofPotentialMarketPenetration0.1%0.5%1.0%2.5%xTotalNumberofBuildingsinSCTY’s14Markets(in000s)41,85541,85541,85541,855=ImpliedNumberofCustomers(in000s)422094191,046xAverage6.4kWResidentialSystemSize(inMWs).0064.0064.0064.0064=ImpliedGWDeployedofSolarPower0.31.32.76.7xAnnualHoursofSunTypicalinSCTYMarkets(kWh/kW)1,4001,4001,4001,400=ImpliedAnnualEnergyGeneration(GWh)3751,8753,7509,375Seeslides21and22forrelevantdefinitionsSolarPower’sAddressableMarketExpandsasRetailElectricityCostsRiseandInstallationCostsFallWithtotalelectricityconsumptionabove$0.15/kWhinSCTY’s14Marketsataround340,000GWh(accordingto2010EIAdata),theimpliedrevenueopportunityataPPArateof$0.15/kWhisroughly$58billionNote:USBuildingsCount.ResidentialHomesdefinedas“HousingUnits,”U.S.BureauoftheCensus,PopulationEstimatesProgram.Commercialbuildings—EnergyInformationAdministration’s2003CommercialBuildingsEnergyConsumptionSurvey,assumes110,000buildingsaddedperyeartoarriveat2011estimatedbuildings.Slide9EstablishedChannelPartnersSolarCityavailableatHomeDepotinover450storesOneoftheoldestandlargestprivatehomebuildersinthenationincludesSolarCitysystemsintheirSheaXerocommunities.SheaHomesislocatedin8statesincludingAZ,CA,CO,andWANewChannelPartnersSolarCitysystemsareinstalledbythelargestNorthAmericanprivately-ownedhomebuilderbasedintheUnitedStates.TaylorMorrisonis