Feb 4 2011
SolarCity, a solar systems designing, funding, erecting, and monitoring services providing company, and Citi, a worldwide financial services providing company, have declared the formation of a new fund valued at $40 million to finance solar projects meant for households in 2011.
SolarCity will utilize the allocated funding to install solar panels for the households under its SolarLease option. The SolarLease option allows the customers to install solar panels without making any initial investment and the lease payment is worked out to be cheaper than their monthly utility payments. The SolarLease option from SolarCity includes conventional design, erection, repairs, monitoring of the production, performance guarantee and insurance and all for a monthly payment of $30 in some of the locations. The clients who have availed the SolarLease option can calculate their payment towards lease and possible savings on electricity online by utilizing the solar calculator provided by SolarCity.
SolarCity, presently has around 10,000 projects either in fully completed or in half way through stages of construction in the USA, which includes over 7,000 SolarLease clients. The company has set aside over $700 million for project financing solar installations. In the month of January, the company expanded its operations in District of Columbia and the Maryland and intends to move into other states with its solar leasing options in 2011.
Source: http://www.solarcity.com/