$250 Million in New Solar Installations

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One of SolarCity’s installations in Colorado.

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Third-party owned solar has been getting a lot of attention only in the last few months. New models of financing solar panels, removing the upfront costs of the household, literally bringing in savings in terms of reduced electricity costs from day one, has spurred an impressive growth in the industry with many new solar installations.

The solar giant Sunrun, together with PV Solar Report, published impressive numbers just two weeks ago: “80% Growth in California Home Solar Market”

Stephen Torres, founder and managing director of PV Solar Report, stated the following about the report:

“Key to this diversification is third-party-owned solar, which makes solar affordable for a wider range of homeowners.”

SolarCity and U.S. Bancorp, a community investment subsidiary of U.S. Bank, have now announced a $250 million fund for residential and commercial solar projects, which concludes the sixth and so far largest fund created by this collaboration “to make solar power systems affordable and accessible.”

Zack Boyers, Chairman and CEO of U.S. Bancorp, stated the following on the investments:

“U.S. Bancorp and SolarCity are providing customers an end-to-end, clean energy service that costs less than a monthly utility bill […] 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’s “pay as you go” financing plan includes free installation, maintenance and repairs. The company owns the solar system – the only thing that is required from the household is a suitable place to install it.

  • Mathias Aarre Mæhlum

    Mathias is currently doing a masters in energy and environmental engineering at NTNU in Norway. In his spare time he runs EnergyInformative.org, a site that focuses on informing and promoting the use of clean, renewable energy technologies and increased energy efficiency. Connect with Mathias on Google+ or send him an email.

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