The Solar Bonds platform serves to provide you with information relating to Solar Bond offerings and the ability to create an account, transfer funds, and purchase Solar Bonds directly from SolarCity.
A CUSIP is a unique identification code used to identify a financial security for facilitating the clearing and settlement of bond purchases or trades. Solar Bonds that are available for purchase through a Financial Institution will have a CUSIP assigned to facilitate the bond purchase and settlement process, whereas Solar Bonds purchased directly from SolarCity generally will not have CUSIPs.
Solar Bonds are available for purchase by any U.S. citizen or U.S. national over the age of 18, or by U.S.-based companies and organizations. At this time, Florida residents are only able to purchase Solar Bonds through registered broker-dealers (i.e. through an existing brokerage or IRA account).
You can place transactions on the Solar Bonds platform on the following observed holidays (or a weekend) and we will generally process your transactions on the next business day.
|January 2||New Year’s Day observed|
|January 16||Martin Luther King, Jr. Day|
|February 20||Presidents' Day|
|May 29||Memorial Day|
|July 4||Independence Day|
|September 4||Labor Day|
|October 9||Columbus Day*|
|November 10||Veterans’ Day observed*|
|November 23||Thanksgiving Day|
|November 24||Day after Thanksgiving Day|
|December 25||Christmas Day|
|December 26||Day after Christmas Day|
On November 17, 2016, the shareholders of SolarCity Corporation and Tesla Motors, Inc. voted to approve the acquisition of SolarCity by Tesla via merger, and on November 21, 2016, the merger was completed. Under the terms of the merger agreement, SolarCity will continue doing business as a wholly-owned subsidiary of Tesla.
SolarCity will continue to be responsible for making all interest and principal payments on the Solar Bonds. Your Solar Bonds will remain outstanding until their scheduled maturity date, and interest payments and communications regarding your Solar Bonds will continue to be available at solarbonds.solarcity.com.
Yes, you can buy as many Solar Bonds as you wish, subject to the total availability of a bond offering and any maximum investment thresholds, as specified in each bond's prospectus materials. Some Solar Bonds may have a minimum investment threshold or denomination amount, as specified in the prospectus materials. If you are purchasing Solar Bonds through a Financial Institution, you may be subject to certain minimums or other limits, as specified in the terms and conditions of the brokerage account or other services provided by your Financial Institution.
If you are purchasing Solar Bonds directly from SolarCity with your available cash balance, you may cancel your order without fees or penalties by logging into your Solar Bonds investment account and initiating an order cancelation any time before 11:59 PM Pacific time on the day before your expected bond issuance date. These orders are typically processed and issued on the following business day, but may be delayed from time to time. After you place an order, we'll send you an order confirmation email that includes your expected bond issuance date and cancelation deadline.
If you are purchasing Solar Bonds directly from SolarCity by placing a reinvestment request for a maturing bond, you may cancel your reinvestment request without fees or penalties by logging into your Solar Bonds investment account and initiating a cancelation up to 5 business days before your current holding’s maturity date. Reinvestment orders for Solar Bonds are typically processed and issued on the day your current holding matures, but may be delayed from time to time. After you place a reinvestment request, we'll send you a confirmation email that includes your expected bond issuance date and cancelation deadline.
If you are purchasing Solar Bonds through a Financial Institution or existing non-SolarCity brokerage or IRA account, SolarCity will not be able to cancel or change your order. The CUSIP-based bonds that are available for purchase through a Financial Institution are generally issued on a biweekly basis, and your Financial Institution should provide you with any notifications in accordance with the terms and conditions of the services they provide.
Generally, there is no maximum investment limit on our Solar Bond investments with maturities of 1 year or longer (whether offered through SolarCity, or through your Financial Institution) other than the availability of a bond offering. However, our 3 month redeemable bonds are typically subject to maximum investment limits, as specified in the applicable prospectus documents.
Typically, minimum investments start at $1,000. The minimum investment amount for each Solar Bond offering can be found in our Invest section and in the prospectus materials associated with each Solar Bond offering.
Currently, our Solar Bonds with maturities of 1 year or longer (whether offered through SolarCity, or through your Financial Institution) are structured to offer fixed interest rates over the term of the bonds. Our 3 month redeemable bonds have variable interest rates that will be set by SolarCity periodically. Any changes to variable interest rates will be made public at least 45 days before the end of a quarter and go into effect on the first day of the following quarter. You can find information about specific Solar Bond offerings in the prospectus materials associated with specific Solar Bond offerings.
Solar Bonds generally pay interest in arrears on semi-annual payment dates (February 15 and August 15) or quarterly payment dates (January 1, April 1, July 1, and October 1), as specified under “Interest Payment Dates” in the Offering Summary section on the applicable bond prospectus. In the event an interest payment date falls on a weekend or holiday, the payment is typically made on the following business day.
As specified in the applicable bond prospectuses, our 3 month bonds may be redeemed, in part or in full, at the end of each calendar quarter by initiating a redemption request from your Solar Bonds account. Your redemption request must be filed at least 30 days prior to the end of the calendar quarter in which you are requesting to redeem bonds. Solar Bonds with maturities of 1 year or longer (whether offered through SolarCity, or through your Financial Institution) do not contain redemption options and are repaid at maturity.
3 month Solar Bonds do not have a maturity date, instead you may redeem these bonds quarterly, in part or in full, by initiating a redemption request from your Solar Bonds account with at least 30 days notice prior to the end of a calendar quarter. Your redemption request will be processed on the first business day following quarter end. Unredeemed investments will automatically rollover each quarter.
If your redemption request was initiated with at least 30 days notice prior to the end of the current calendar quarter, your funds will be available on the first business day after the current quarter. If your redemption request was initiated with less than 30 days notice prior to the end of the current calendar quarter, your funds will be available on the first business day after the next quarter.
When you or SolarCity initiate a redemption, we’ll send you an email referencing your redemption date. The redemption date is also included within the Pending Redemptions section on your account dashboard.
Once we’ve completed your redemption, your principal and interest will be available in your cash balance to reinvest or withdraw. You’ll also receive an email from us when we’ve completed your redemption.
You can maximize your Solar Bonds earnings by reinvesting your upcoming bond maturity proceeds in a bond with a comparable term to your current holding. Automatic reinvestments can be scheduled for your total maturity proceeds (principal & interest) up to 5 business days before your maturity date. We'll typically issue your new Solar Bonds and send you a confirmation email when your current holding matures (or following business day in the event of a weekend or holiday).
As your Solar Bonds investments approach their maturity date, you may schedule an automatic reinvestment of your Solar Bonds if there is an available offering with a comparable term to your current holdings. Automatic reinvestment requests must be received at least 5 business days before your current holdings mature.
From time to time, the automatic reinvestment option may be unavailable due to over-demand for a particular series of bonds, to prepare for issuing new series of bonds, to comply with securities regulations, or for other corporate requirements. If an automatic reinvestment is not available, you may invest in our currently available offerings once your bond matures.
For Solar Bonds purchased directly from SolarCity through a Solar Bonds investment account, interest and principal payments are paid to your Solar Bonds investment account. You can then withdraw the funds and transfer them to your bank, or use the funds toward the purchase of additional Solar Bonds. Each bond's payment terms will be disclosed in the applicable bond prospectus, which is available for download in our Invest section.
For CUSIP-based Solar Bonds purchased through your Financial Institution, interest and principal payments are paid to your Financial Institution and will be made available to you in accordance with the terms and conditions of your Financial Institution.
One of our customer specialists in the SolarCity Financial Products group will be happy to help you establish an account. Please call us at (877) 554-7652 or send an email to firstname.lastname@example.org.
You may add a bank account with the following steps:
1. Log into the Solar Bonds website by entering your credentials on our Log In page
2. Click on Transfer Funds in the navigation bar on the top of the homepage screen
3. Click on View/Add Bank Account, and you will now see any bank accounts that are already linked. To add a new bank account, click Add Account, input account information, and click Link Account.
The new bank account should now be ready for transfers.
You may transfer funds into or out of your Solar Bonds investment account by initiating a bank transfer electronically, or by initiating a money wire. You may initiate a bank transfer electronically to transfer money to your Solar Bonds investment account with the following steps:
1. Log into the Solar Bonds website by entering your credentials on our Log In page
2. Click on Transfer Funds in the navigation bar on the top of the homepage screen - you should now be on the Bank Transfer screen
3. Click on Bank Transfer. Select "Deposit to Solar Bonds Account" in the Action drop down box, chose the bank account for the funds transfer, and enter the amount of the deposit
4. Once funds have been transferred to your account, you may purchase bonds through the Invest menu on the Solar Bonds homepage.
Please note: your electronic transfer will be subject to your bank’s policies regarding fees and availability.
Solar Bonds begin to accrue interest on the day the bond is issued to you. Solar Bonds purchased with the cash balance in your Solar Bonds account are generally issued on the next business day after a bond order is received, but may be delayed from time to time. Solar Bonds purchased with maturity proceeds (from an automatic reinvestment) are generally issued on the day the maturing bond's payment is due. You will receive a confirmation email once your bonds are issued. Solar Bonds purchased through a Financial Institution are generally issued biweekly, and your Financial Institution will confirm your issue date.
If you have placed an order through your Solar Bonds account, your bond order is considered "pending" until it is processed, and the bonds are issued. Orders placed with your Solar Bonds account are typically processed and issued by SolarCity on the following business day (or, for reinvestment orders, after your current investment matures) but may be delayed from time to time. Your order confirmation email includes your expected bond issuance date. Once your bond order is processed and your Solar Bonds are issued, your bond order will no longer show as "pending."
Orders placed through your Financial Institution are typically processed and issued by SolarCity on a biweekly basis within three trading days from the date the bond’s offering period closes, but the offering period may be extended or the issuance may be delayed from time to time.