SolarCity and U.S. Bancorp Announce Fund to Finance up to $250 Million in Residential and Commercial Solar Projects

published: 2012-06-15 16:44 | editor: | category: News

SolarCity, a national leader in clean energy products and services, and U.S. Bancorp (NYSE: USB) today announced their largest renewable energy tax equity fund to finance up to $250 million in residential solar power and commercial solar power projects for homeowners, businesses, schools, and government buildings. This is the sixth and largest fund created by the two companies since they partnered three years ago to make solar power systems affordable and accessible.

“U.S. Bancorp and SolarCity are providing customers an end-to-end, clean energy service that costs less than a monthly utility bill,” said Zack Boyers, Chairman and CEO of U.S. Bancorp Community Development Corporation, a community investment subsidiary of U.S. Bank. “Together, we have already made solar a reality for thousands of homeowners and businesses. With this new fund for SolarCity’s customers, U.S. Bancorp reaffirms its commitment to building sustainable communities by simplifying the adoption of renewable energy sources.” 

SolarCity and U.S. Bancorp provide funding for the solar panels and solar panel installation, customers pay for the electricity at a discount to their current utility rates. SolarCity manages the entire process for the customer from permitting and local installation to ongoing monitoring and repairs if necessary.

“Our partnership with U.S. Bancorp is unique in that it allows families and organizations to pay less for solar power than they pay for electricity,” said Benjamin Cook, SolarCity’s vice president of structured finance. “We make the process of going solar very easy.”

SolarCity’s clean energy services are available in Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Maryland, Massachusetts, Oregon, New Jersey, New York, Pennsylvania, Texas and Washington.

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