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Leading US installer SolarCity has secured funding from investment bank, J.P. Morgan, totalling more than US$350 million to support its residential PV business in the US.

The new funding deal follows a US$170 million financing package in 2013 that SolarCity struck with the investment bank. The funds are used by SolarCity to offer residential home owners a PV system installation and maintenance contract with no upfront costs.

The company has plans to rapidly increase PV installations in 2015. SolarCity is the largest PV installer in the US.

J.P. Morgan was said to have financed more than US$1.4 billion of renewable generation capacity in wind, solar and geothermal projects to date.