SolarCity and US Bancorp have announced a US$250 million fund to finance residential and commercial PV projects. The renewable energy tax equity fund is intended for homeowners as well as businesses, administrative, school and county buildings. The fund will be used to finance the solar panels and installations, while customers pay a discounted amount for the electricity. In the three years that SolarCity and US Bancorp have been collaborating, this is the sixth and largest fund, designed to make PV systems more accessible and affordable.
“U.S. Bancorp and SolarCity are providing customers an end-to-end, clean energy service that costs less than a monthly utility bill,” Zack Boyers, chairman and CEO of US Bancorp community development corporation explained. “Together, we have already made solar a reality for thousands of homeowners and businesses. With this new fund for SolarCity’s customers, US Bancorp reaffirms its commitment to building sustainable communities by simplifying the adoption of renewable energy sources.”