SolarCity and U.S. Bancorp have announced their sixth and largest renewable energy tax equity fund to finance up to $250 million in residential solar power and commercial solar power projects for homeowners, businesses, and government buildings.
The two companies have been working together on such projects for three years now, endeavoring to make solar power systems affordable and accessible for everyone.
“U.S. Bancorp and SolarCity are providing customers an end-to-end, clean energy service that costs less than a monthly utility bill,” said Zack Boyers, Chairman and CEO of U.S. Bancorp Community Development Corporation, a community investment subsidiary of U.S. Bank. “Together, we have already made solar a reality for thousands of homeowners and businesses. With this new fund for SolarCity’s customers, U.S. Bancorp reaffirms its commitment to building sustainable communities by simplifying the adoption of renewable energy sources.”
The strategy works so that SolarCity and U.S. Bancorp provide the funding for solar panels and their installation, the customers pay for the electricity at a rate that is cheaper than their current utility rates, and SolarCity manages the entire process for the customer.
“Our partnership with U.S. Bancorp is unique in that it allows families and organizations to pay less for solar power than they pay for electricity,” said Benjamin Cook, SolarCity’s vice president of structured finance. “We make the process of going solar very easy.”
SolarCity’s clean energy services are available in Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Maryland, Massachusetts, Oregon, New Jersey, New York, Pennsylvania, Texas, and Washington.
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