SolarCity and U.S. Bank Expand Fund to Finance Solar Projects
FOSTER CITY, Calif. & MINNEAPOLIS-(Business Wire)-September 29, 2009 - SolarCity® and U.S. Bancorp Community Development Corporation (USBCDC) today announced that they have doubled the size of their fund to finance solar projects. The fund, originally announced in June, will be expanded to finance $100 million in solar projects in 2009. The partnership backs SolarCity’s solar leases (SolarLease™) and power purchase agreements (PPA), financing options that can allow homeowners and businesses to put no money down on solar systems and save money from day one on electricity costs. SolarCity is a national leader in solar power system design, financing, installation, monitoring and related services, and USBCDC is a division of U.S. Bancorp (NYSE:USB), which is also the parent of U.S. Bank, the sixth largest commercial bank in America. SolarCity CEO Lyndon Rive will discuss the expansion of the fund and the prospects for scaling the U.S. solar market as part of a panel presentation at the Renewable Energy Financing Forum (REFF) on Wednesday, Sept. 30th, at 9:15 a.m. at the Palace Hotel in San Francisco.
“Our SolarLease and PPA products save customers money from day one, with no upfront cost,” said Mr. Rive. “We’re expanding our partnership with U.S. Bancorp Community Development Corporation to offer more homeowners and businesses zero-down financing to keep pace with the nation’s growing appetite for clean power.”
Founded in July 2006, SolarCity recently celebrated its third anniversary by passing the 4,000 customer mark, including more than 2,000 SolarLease customers since it introduced the leasing option in April 2008. SolarCity has hired 112 new workers in the past four months, and plans to add 50 more employees before the end of the year to continue to increase installation capacity.
SolarCity operates in California, Arizona and Oregon. Businesses and homeowners interested in SolarCity’s zero-down financing options can contact the company directly at 1-888-SOL-CITY (1-888-765-2489). Homeowners interested in SolarLease can estimate their solar lease payment and potential electricity savings by using SolarCity’s solar calculator, available online at www.solarcity.com.
About U.S. Bancorp Community Development Corporation
U.S. Bancorp (NYSE: USB), with $266 billion in assets, is the parent company of U.S. Bank. The company operates 2,847 banking offices and over 5,000 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. With assets of over $5.5 billion, U.S. Bancorp Community Development Corporation (USBCDC) is the largest New Markets tax credit investor in the country, investing billions of dollars nationwide in hundreds of transactions. These equity investments have provided much needed revitalization and new resources to communities throughout the country. USBCDC finances community development and affordable housing projects through the use of New Markets, Historic, Low-Income Housing, and Renewable Energy tax credits.
About SolarCity
SolarCity—a national leader in solar power system design, financing, installation, monitoring and related services—was founded with the mission to help millions of homeowners and businesses adopt solar power, protect themselves from rising electricity costs, and protect their environment from polluting power sources. The company’s SolarLease and Power Purchase Agreement (PPA) options can make it possible for homeowners and businesses to switch to clean, solar power for less money than they currently pay for electricity. SolarCity currently serves 500 communities in California, Arizona and Oregon. Additional information about the company is available on the Web at www.solarcity.com.
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