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up for the event, and they all fit into a couple of hotel conference rooms for presentations and panels. During one open discussion session, representatives from a handful of the world’s largest solar installers were sitting onstage, and the moderator asked what they were doing to make solar panels more affordable for consumers. “They all gave the same answer,” Lyndon said. “They said, ‘We’re waiting for the cost of the panels to drop.’ None of them were taking ownership of the problem.” At the time, it was not easy for consumers to get solar panels on their houses. You had to be very proactive, acquiring the panels and finding someone else to install them. The consumer paid up front and had to make an educated guess as to whether or not his or her house even got enough sunshine to make the ordeal worthwhile. On top of all this, people were reluctant to buy panels, knowing that the next year’s models would be more efficient. The Rives decided to make buying into the solar proposition much simpler and formed a company called SolarCity in 2006. Unlike other companies, they would not manufacture their own solar panels. Instead they would buy them and then do just about everything else in-house. They built software for analyzing a customer’s current energy bill and the position of their house and the amount of sunlight it typically received to determine if solar made sense for the property. They built up their own teams to install the solar panels. And they created a financing system in which the customer did not need to pay anything up front for the panels. The consumer leased the panels over a number of years at a fixed monthly rate. Consumers got a lower bill overall, they were no longer subject to the constantly rising rates of typical utilities, and, if they sold their house, they could pass the contract to the new owner. At the end of the lease, the homeowner could also upgrade to new, more efficient panels. Musk had helped his cousins come up with this structure and become the company’s chairman and its largest shareholder, owning about a third of SolarCity. Six years later, SolarCity had become the largest installer of solar panels in the country. The company had lived up to its initial goals and made installing the panels painless. Rivals were rushing to mimic its business model. SolarCity had benefited along the way from a collapse in the price of solar panels, which occurred after Chinese panel manufacturers flooded the market with product. It had also expanded its business from consumers to businesses with companies like Intel, Walgreens, and Wal-Mart signing up for large installations. In 2012, SolarCity went public and its shares soared higher in the months that followed. By 2014, SolarCity was valued at close to $7 billion. During the entire period of SolarCity’s growth, Silicon Valley had dumped huge amounts of money into green technology companies with mostly disastrous results. There were the automotive flubs like Fisker and Better Place, and Solyndra, the solar cell maker that conservatives loved to hold up as a cautionary tale of government spending and cronyism run amok. Some of the most famous venture capitalists in history, like John Doerr and Vinod Khosla, were ripped apart by the local and national press for their failed green investments. The story was almost always the same. People had thrown money at green technology because it seemed like the right thing to do, not because it made business sense. From new kinds of energy storage systems to electric cars and solar panels, the technology never quite lived up to its billing and required too much government funding and too many incentives to create a viable market. Much of this criticism was fair. It’s just that there was this Elon Musk guy hanging around who seemed to have figured something out that everyone else had missed. “We had a blanket rule against investing in clean-tech companies for about a decade,” said Peter Thiel, the PayPal cofounder and venture capitalist at Founders Fund. “On the macro level, we were right because clean tech as a sector was quite bad. But on the micro level, it looks like Elon has thePDF Image | SpaceX and the Quest
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