Mar 4 2010
In order to provide financial support for residential and commercial solar projects in 2010, SolarCity has announced a $90-million fund with USBCDC (U.S. Bancorp Community Development Corporation), a U.S. Bancorp’s division. Three separate funds totaling $190 million have been created by SolarCity and USBCDC in 2009 and 2010 for financing solar projects in the United States.
CEO of SolarCity, Lyndon Rive, said the company was launched with the belief that if solar power could be made as accessible and affordable as other energy sources, it could be made the primary source of power. Rive further said with the help of partners such as USBCDC, the company’s objective of providing reliable and affordable clean electricity options throughout the nation is being made possible.
The new fund will be utilized by SolarCity to finance its power purchase agreement and solar lease offerings as it expands it operations into new states. Through the financing options provided by SolarCity, with no upfront costs, homeowners can install solar systems and save more money per month when compared to other options for solar power. The offerings from the company include custom designed solar systems, installation, repairs, insurance, performance guarantee and monitoring of production. These offerings are available for a monthly payment and in some areas it can be as low as $30 per month.
Source: www.solarcity.com