US Bancorp continues with the expansion of its portfolio with its new partnership. The company has teamed up with Sunrun to support the purchase and installation of more than US$150 million in residential solar systems across the United States. This is Sunrun’s sixth renewable energy tax equity commitment from US Bancorp.
Sunrun owns, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay a low rate for clean energy and fixed electric costs for 20 years. Sunrun claims its customers pay a lower rate for solar energy than what they pay for electricity from their utility companies. Sunrun installs over US$1.5 million in solar every day and has more than 20,000 customers in ten states.
“U.S. Bancorp has been our trusted partner for years and is instrumental to Sunrun's continued success as one of the largest providers of clean, affordable solar energy for American families,” said Sunrun co-founder and CEO Edward Fenster.
“Sunrun has a proven track record of residential solar development and we value the company’s partnership as we continue to grow our leadership in the space,” said Zack Boyers, chairman and CEO of US Bancorp Community Development Corporation, a community investment subsidiary of US Bank. “U.S. Bancorp takes great pride in initiatives that help homeowners make smart financial decisions. This is yet another example of the bank’s leadership in community development.”
A recent report from Sunrun and PV Solar Report, an authority on solar market data, shows solar power service has grown 174% in California in the first two months of 2012 compared to the first two months of 2011. It has generated over US$100 million in growth for the California economy so far in 2012.