SolarCity, one of the biggest players currently nationwide in the solar installation market, announced today a huge new fund to finance new commercial and residential solar projects in the United States. This fund – to the tune of $90 million – was done in partnership with U.S. Bancorp Community Development Corporation (USBCDC) and continues a trend between the two on “three separate funds to finance a total of $190 million in solar projects.”
With this funding, SolarCity said, it will be able to finance its solar lease and power purchase agreement (PPA) offerings around the country. This money, for example, will allow homeowners to typically not have to put any money down for solar installation while at the same time saving “more on their monthly electricity bills than they pay for solar each month.” The company, which currently does business in Arizona, California, Colorado, Oregon and Texas, hopes to expand into more states this year.
“We started this company with the simple belief that if we made solar power as affordable and accessible as other energy sources, we could make it a mainstream source of electricity,” said Lyndon Rive, SolarCity’s CEO, in a statement. “Partners like U.S. Bank are making it possible for SolarCity to keep pace with demand, and helping us toward our ultimate goal of making an affordable clean power option available nationwide.”