SolarCity Creates New $90 Million Fund with U.S.
Bancorp to Finance Solar Projects
FOSTER CITY, Calif., Mar 02, 2010 -- BUSINESS WIRE
SolarCity(R), a national leader in solar power system design, financing,
installation, monitoring and related services, today announced a new
fund to finance an additional $90 million in commercial and residential
solar projects in 2010 with U.S. Bancorp Community Development
Corporation (USBCDC), a division of U.S. Bancorp (NYSE:USB). SolarCity
and USBCDC have now collaborated on three separate funds to finance a
total of $190 million in solar projects in the U.S. in 2009 and 2010.
"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. "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."
SolarCity will use the new fund to finance its solar lease (SolarLease(TM))
and power purchase agreement (PPA) offerings as it continues to expand
to new states. SolarCity's financing options make it possible for
customers to save money immediately by installing solar, because
homeowners are not required to put any money down and typically save
more on their monthly electricity bills than they pay for solar each
month. SolarCity's offerings include custom design and installation,
insurance, repairs, production monitoring and guaranteed performance;
all for a monthly payment that can be as little as $30 per month in some
areas. CBS Evening News called SolarLease "a bright idea that can save
you a bundle" in October, USA Today called it "a way to bring solar to
the masses" in November, and Scientific American hailed it as one of
twenty "world-changing ideas" in December.
The new USBCDC fund will allow SolarCity to continue extending its
offering to new parts of the U.S. The company expanded to Colorado in
December and Texas last week and now serves five states including
Arizona, California 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
With assets of over $6.3 billion, USBCDC finances community development
and affordable housing projects through the use of New Markets Tax
Credits, Historic Tax Credits, Low-Income Housing Tax Credits, and
Investment Tax Credits in Renewable Energy. 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 is a subsidiary of U.S.
Bancorp (NYSE: USB), with $281 billion in assets, and U.S. Bank, the
fifth largest commercial bank in the United States. The company operates
3,015 banking offices in 25 states and 5,148 ATMs and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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(TM),
PurePower(TM) and Commercial 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 more than 1,000 communities in Arizona, California,
Colorado, Oregon and Texas. Additional information about the company is
available on the Web at www.solarcity.com.
SOURCE: SolarCity
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