Exhibit 12.1

SolarCity Corporation

Ratio of Earnings to Fixed Charges

(in thousands)

				Year Ended December 31,												Six Months Ended June 30,
	2009			2010			2011			2012			2013			2014
Ratio of Earnings to Fixed Charges:
Loss before income taxes	$	(22,698	)	$	(47,009	)	$	(73,622	)	$	(113,672	)	$	(176,557	)	$	(163,487	)
Add:
Fixed Charges		763			5,503			10,319			21,630			27,614			22,387
Less:
Net (loss) income attributable to noncontrolling interests		3,507			(8,457	)		(117,230	)		(14,391	)		(95,968	)		(91,963	)
(Loss) earnings as adjusted	$	(25,442	)	$	(33,049	)	$	53,927		$	(77,651	)	$	(52,975	)	$	(49,137	)
Fixed charges:
Interest expense		334			4,975			9,362			20,244			25,810			21,069
Interest included in rent (i)		429			528			957			1,386			1,804			1,318
Total Fixed charges	$	763		$	5,503		$	10,319		$	21,630		$	27,614		$	22,387
Ratio of earnings to fixed charges (ii)		(33.34	)		(6.01	)		5.23			(3.59	)		(1.92	)		(2.19	)
Coverage deficiency	$	(26,205	)	$	(38,552	)	$	43,608		$	(99,281	)	$	(80,589	)	$	(71,524	)

(i) Interest included in rent has been calculated at one-third of all rental expense. We consider that to be a reasonable approximation of the interest factor included in rental expense.

(ii) The ratio of earnings to fixed charges was computed by dividing earnings as adjusted by fixed charges for the periods indicated.