March 3, 2010

Foster City, CA, USA: SolarCity Creates New $90 Million Fund

SolarCity yesterday announced a new fund to finance an additional $90 million in commercial and residential solar projects in 2010 with U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bancorp. SolarCity and USBCDC have now collaborated on three separate funds to finance a total of $190 million in solar projects in the U.S. 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 U.S. 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.

The new USBCDC fund will allow SolarCity to continue extending its offering to new parts of the U.S. The company expanded to Colorado in December and Texas last week and now serves five states including Arizona, California and Oregon.

Further details about: SolarCity