SolarCity has closed the second financing within its renewable energy tax equity investment program with Bank of America Merrill Lynch and another investor. The program will finance approximately $188 million in solar projects, covering the capital cost of the solar equipment and installation, enabling thousands of homeowners to pay for the power the system produces, typically at a lower rate than their local utility charges.
The tax equity investment program is part of Bank of America's current 10-year, $125 billion environmental business initiative to advance low-carbon economic solutions through lending, investing and facilitating capital for clients around the world. Since 2007, Bank of America has dedicated $53 billion to low-carbon and other environmental business activities.