SolarCity Introduces SunRaising Referral Program, Will Donate Cash To Nonprofits

SolarCity Corp SCTY announced on Wednesday a new initiative to help nonprofit organizations raise funds.

SolarCity created a new referral program called SunRaising. Each time a supporter of a registered nonprofit organization signs up for SolarCity's products and services, the company will donate $200 to that organization.

SolarCity noted that more than 100 nonprofit organizations have already joined the referral program.

"Solar is both viable and economical for most home and business owners in New York and can play a large role in protecting one of America's greatest rivers, the Hudson," said Paul Gallay, President of Riverkeeper, an environmental organization dedicated to protecting the integrity of the Hudson River. "One of the greatest threats to the Hudson is an aging nuclear power plant so, not only does SolarCity lower New Yorker's energy bills, but when consumers opt for solar, it plays an integral part in replacing the power from this harmful plant and others like it."

Interested nonprofit organizations can register to become SunRaising partners here.

Shares of SolarCity were trading lower by more than 7 percent on Wednesday and have lost nearly 40 percent over the past year.