SolarMax Technology Inc., a City of Industry-based solar panel installer, announced Monday that it’s moving its corporate headquarters to Riverside.
The move will bring an immediate 100 jobs to Riverside, with the potential for 1,500 more in the next several years. About 20 employees will remain at the City of Industry office.
SolarMax was founded in 2008 by auto retail executive David Hsu, financial industry executive Ching Liu and Simon Yuan. Shortly after the firm launched, it merged with Solar Engineering, a Pasadena company.
The company sells and installs solar photovoltaic panels to commercial and residential customers. It now has 100 full-time employees, including its City of Industry headquarters and offices in Thousand Oaks, Tustin, Temecula and Norco. It also has an office in Shanghai, China.
SolarMax is one of a new generation of solar panel installers that uses a monthly payment financing model instead of the more traditional up-front payment. The financing model has greatly expanded the number of customers able to afford solar panel installations.
SolarMax spokesman Guillermo Santomauro said the company has been leasing space in City of Industry but had grown to the point where it wanted to own its own building. After a search of nearly two years, the company settled on a 165,000 square-foot office and warehouse building in Riverside.