Another big solar company is coming to New Mexico, and the people of the Land of Enchantment can only hope things turn out better this time around.

SolarCity, the brainchild of billionaire Elon Musk, officially opened for business Thursday in Albuquerque in an 18,000-square-foot facility that will offer 30-year loans to customers wanting to bring solar power to their homes while promising them lower electricity rates.

"We can get customers clean power and at more affordable rates," Nathan Jarrell, SolarCity regional vice president, said during a ribbon-cutting ceremony.

But a number of other high-profile solar ventures have flopped badly in New Mexico in recent years, costing state taxpayers more than $27 million.

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