SolarCity: installations to rise 60 pct. in 2013

SolarCity expects rooftop solar installations to climb 60 percent in fiscal 2013

Associated Press

SAN MATEO, Calif. (AP) -- SolarCity anticipates rooftop solar installations climbing 60 percent in fiscal 2013.

The San Mateo, Calif., company's stock jumped in Friday afternoon trading, hitting its highest point since going public last month.

SolarCity offers homeowners a "solar lease" that allows them to pay for the panels and electricity that they generate over time, often for less than it would cost to buy electricity from a local utility.

SolarCity Corp. expects rooftop solar installations of 250 megawatts in fiscal 2013. Its installations totaled 156 megawatts in fiscal 2012.

Shares of the company rose $1.71, or 13.2 percent, to $14.73 on Friday. Earlier in the session, the stock reached $15.20.

SolarCity began trading on the Nasdaq on Dec. 13. It closed at $13.02 on Thursday, a 63 percent increase from the $8 per share offering price.

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