SolarCity Is Slashing 550 Jobs

Solar panel installer SolarCity (SCTY) said it would cut 550 jobs in Nevada, two weeks after the state’s utilities commission approved changes that would reduce credits customers receive for selling excess solar power to the grid.

The company, which has more than 13,000 employees, said it would relocate the affected workers to business-friendly states.

SolarCity, which is backed by Tesla Motors’ (TSLA) CEO Elon Musk, ceased Nevada solar sales and installations in December, following the state’s decision.

SolarCity Chief Executive Lyndon said on Wednesday he was “convinced” that Nevada’s Governor and the utility commission “didn’t fully understand the consequences of the decision.”

Rive added that he was waiting to speak to Governor Brian Sandoval.

The company also said it had closed a training center in West Las Vegas it opened a little over a month ago.

The company’s shares were down 1.4% in early trading. Up to Tuesday’s close, the stock had fallen about 8.5% since the state’s decision on Dec. 22.