SolarCity and U.S. Bancorp work together to promote residential solar projects
SolarCity, one of the leading clean energy product and services companies in the nation, recently teamed up with U.S. Bancorp to develop a renewable energy tax equity fund to finance up to $250 million in residential solar installations.
The projects will include photovoltaic systems that will be installed in homes, businesses, schools and government buildings, and will make up the sixth and largest fund created by the companies since first partnering three years back.
"U.S. Bancorp and SolarCity are providing customers an end-to-end, clean energy service that costs less than a monthly utility bill," said Zack Boyers, chairman and CEO of U.S. Bancorp Community Development Corporation."Together, we have already made solar a reality for thousands of homeowners and businesses."
The partnership allows customers to pay for their energy at a lower price than current utility rates. SolarCity manages all aspects of the project, from permits and installation to repairs, making residential solar energy more accessible than ever.
According to the Solar Energy Industries Association, some of the strongest demand in the country is coming out of New Jersey, which added 174 megawatts in the first quarter of 2012, accounting for 34 percent of all U.S. solar installations.