SolarCity introduced MyPower, a solar financing option that combines the low upfront cost and immediate utility savings of a power purchase agreement with the benefits of ownership.

SolarCity said it is lowering the cost of solar electricity even further by leveraging its scale and low cost of capital to act as a direct lender to its customers through its subsidiary, SolarCity Finance Company.

While most solar loans are provided by third-party banks and municipalities in partnership with solar manufacturers and regional installers, SolarCity lends directly to customers.