FOSTER CITY, USA: SolarCity, a national leader in solar power system design, financing, installation, monitoring and related services, announced a new fund to finance an additional $90 million in commercial and residential solar projects in 2010 with US Bancorp Community Development Corp. (USBCDC), a division of US Bancorp.
SolarCity and USBCDC have now collaborated on three separate funds to finance a total of $190 million in solar projects in the US in 2009 and 2010.
“We started this company with the simple belief that if we made solar power as affordable and accessible as other energy sources, we could make it a mainstream source of electricity,” said Lyndon Rive, SolarCity’s CEO. “Partners like US Bank are making it possible for SolarCity to keep pace with demand, and helping us toward our ultimate goal of making an affordable clean power option available nationwide.”
SolarCity will use the new fund to finance its solar lease (SolarLease™) and power purchase agreement (PPA) offerings as it continues to expand to new states. SolarCity’s financing options make it possible for customers to save money immediately by installing solar, because homeowners are not required to put any money down and typically save more on their monthly electricity bills than they pay for solar each month.
SolarCity’s offerings include custom design and installation, insurance, repairs, production monitoring and guaranteed performance; all for a monthly payment that can be as little as $30 per month in some areas. CBS Evening News called SolarLease “a bright idea that can save you a bundle” in October, USA Today called it “a way to bring solar to the masses” in November, and Scientific American hailed it as one of twenty “world-changing ideas” in December.