Collaboration between nation’s leading solar service provider and leading global financial services company expected to be first in series of residential solar funds
NEW YORK CITY and SAN MATEO, Calif., Feb. 1, 2011—SolarCity®, a national leader in solar power system design, financing, installation, monitoring and related services, and Citi (NYSE: C), the leading global financial services company, today announced a new fund to finance $40 million in residential solar projects in 2011. This is the first collaboration between SolarCity and Citi, and Citi’s first investment in residential solar power.
SolarCity will use the new fund to provide solar lease (SolarLease®) options to homeowners to install solar panels on their homes. SolarCity now has more than 10,000 projects completed or underway in the U.S.—believed to be the most of any American solar service provider—including more than 7,000 SolarLease customers. SolarCity has now raised project financing to fund more than $700 million in solar installations. The company expanded to Maryland and the District of Columbia in January, and plans to expand solar leasing to a range of new states in 2011.
“Citi has a long and deep history of leadership and engagement on environmental issues. It is good business practice for us to help consumers adopt renewable energy and to facilitate affordable energy-efficiency solutions. We applaud homeowner efforts to save and generate clean energy in a financially responsible manner,” said Jason Cavaliere, a director in the Alternative Energy Finance Group at Citi.
Citi was named "America's Greenest Bank" in 2010 by Bank Technology News and "Most Innovative Investment Bank in Climate Change and Sustainability" by the Financial Times’ Banker Magazine in 2009 and 2010 for its ongoing commitment to environmental sustainability. The global financial services leader is in the midst of a 10-year, $50 billion initiative to support the commercialization and growth of alternative energy and clean technology in markets around the world. To date, Citi has directed over $24.3 billion as part of this initiative.
“Citi is committed to helping our clients finance different forms of renewable energy because it is good for the environment, good for energy security and helps create American jobs,” said Marshal Salant, head of Citi’s Alternative Energy Finance Group.
“Citi has consistently put its money where its mouth is when it comes to advancing clean power use, and now the leading global financial services company is extending that contribution to residential solar,” said Benjamin Cook, SolarCity’s vice president of project finance. “We expect the partnership with Citi to be the first phase of a relationship that will significantly increase residential solar adoption in the U.S.”
SolarLease makes it possible for customers to save money immediately by installing solar, because it does not require homeowners to put any money down and typically saves them more on their monthly electricity bills than they pay in monthly lease payments. 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. 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.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
SolarCity®—a national leader in solar power system and energy efficiency design, financing, installation, monitoring and related services—was founded with the mission to help millions of homeowners and businesses adopt clean power, protect themselves from rising gas and 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 more than 1,500 communities in Arizona, California, Colorado, Maryland, Oregon, Texas and the District of Columbia. Additional information about the company is available on the Web at www.solarcity.com.