SolarCity and U.S. Bancorp Announce Fund to Finance up to $250 Million in Residential and Commercial Solar Projects
The Two Companies Solidify their 3-Year Partnership with their Sixth and Largest Fund to Allow Homeowners and Businesses in 14 States to Pay Less for Solar Electricity than they Pay for Utility Power
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Photo Caption: SolarCity customer Mr. Dan Thornton chose a zero-down lease option and has reduced his average net electricity use by more than 70 percent a year.
SAN MATEO, Calif., and MINNEAPOLIS, Minn., June 13, 2012 – SolarCity, a national leader in clean energy products and services, and U.S. Bancorp (NYSE: USB) today announced their largest renewable energy tax equity fund to finance up to $250 million in residential solar power and commercial solar power projects for homeowners, businesses, schools, and government buildings. This is the sixth and largest fund created by the two companies since they partnered three years ago to make solar power systems affordable and accessible.
“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.”
SolarCity and U.S. Bancorp provide funding for the solar panels and solar panel installation, customers pay for the electricity at a discount to their current utility rates. SolarCity manages the entire process for the customer from permitting and local installation to ongoing monitoring and repairs if necessary.
“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.
Businesses and homeowners interested in SolarCity’s options can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) or visit www.solarcity.com.
About U.S. Bancorp
With $341 billion in assets as of March 31, 2012, U.S. Bancorp is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,061 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way.
U.S. Bancorp is a recognized leader in financing a variety of renewable energy projects, building on its experience in other tax credit equity investments, including affordable housing, new markets, and historic tax credit investments. Since 2008, U.S. Bancorp has committed more than $700 million of renewable energy tax equity in support of clean energy. This commitment has supported the development of more than $1.7 billion worth of projects, including residential solar funds, commercial and municipal wind and solar projects and utility-scale wind developments. Visit U.S. Bancorp on the web at www.usbank.com.
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every three minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.