US solar installer, SolarCity, and car manufacturer, Honda, have teamed up to offer US customers joint solar and electric vehicle services.
The two companies have launched a new fund worth US$50 million to finance new solar projects, covering equipment and installation costs.
The fund will allow homeowners to install solar electricity for less than utility priced electricity with insurance, repairs and monitoring included.
The two companies are also encouraging the joint use of solar power with electric vehicles through co-marketing programmes aimed at encouraging owners of either solar-powered homes or plug-in electric vehicles to adopt the complementary product.
The new fund is a follow up to a joint US$65 million fund launched by the two companies last year.
Honda and SolarCity has already completed 12.5MW of solar projects already.
“As we look toward a future in which renewable energy will be an increasingly pervasive fuel source for personal mobility products, we are excited about capitalising on the technological, environmental and market opportunities available through partnerships of this nature,” said Steven Center, vice president of the environmental business development office of American Honda Motor Co.