Dec 16 2009
SunRun, a leading provider of home solar power announced that the company has received an extra tax investment from a subsidiary unit of US Bancorp. This extra investment is part of the $90 million that is required for the residential solar installations to be carried out in the year 2010. Through this funding, homeowners in various states will be provided with affordable solar energy. US Bancorp has provided this funding after a year of the launching of SunRun’s first residential power purchase agreement.
Homeowners pay a one-time installation fee of only $1000 along with a low monthly fee for solar energy. SunRun provide its customers with performance guarantee, insurance, complete monitoring and repairing services for the system.
Edward Fenster, CEO of SunRun, remarked that the funding provided by US Bancorp will enable the company to finance a huge number of new solar homes in the year 2010. This financial banking from US Bancorp will indeed increase the usage of solar energy in the upcoming years.
More than 2,700 residential solar systems in California have been financed by the power purchase agreements that has also lead to the creation of about 400 green jobs within the state. SunRun along with its partners intends to create over 500 jobs in the year 2010 for salespeople, installers and other functions in the states of Colorado, California, Arizona and Massachusetts.
This funding by US Bancorp follows a Series B funding for $18 million that was led by Accel Partners in July, 2009 and a Series A funding for $12 million led by Foundation capital in June 2008.
Matthew Philpott, Senior Vice President of Historic, New Markets and Renewable Energy Tax Credit Investments, remarked that his firm is pleased to continue its partnership with SunRun. Philpott expects this partnership to result in the successful usage of clean solar electricity throughout the country in the year 2010.
Source: http://www.sunrunhome.com/