SolarCity has created a new fund, with a large financial institution, to finance US$400 million in solar projects. With the new financing program, SolarCity has now raised funds to finance more than $9 billion in American solar projects. The funds cover the capital cost of solar equipment and installation, making it possible for many homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.
Solar project investments can deliver strong financial returns and at the same time can reduce water consumption, pollution and greenhouse gas emissions. They are also tremendous drivers of domestic job creation. According to The Solar Foundation's "National Solar Jobs Census 2014", the solar industry continues to exceed growth expectations, adding workers at a rate nearly 20 times faster than the overall economy and accounting for 1.3% of all jobs created in the United States over the past year.