Minneapolis-based US Bancorp announced recently that, along with residential and commercial solar provider Solar City, it will be investing $250 million in a fund to finance the construction of solar panels for homeowners and businesses. As the sixth and largest project the bank and Colorado-based Solar City have partnered on in the last three years, this brings US Bancorp’s support of renewable energy projects to a whopping total of $700 million.
“U.S. Bancorp and SolarCity are providing customers an end-to-end, clean energy service that costs less than a monthly utility bill,” <a href=”http://www.marketwatch.com/story/solarcity-and-us-bancorp-announce-fund-to-finance-up-to-250-million-in-residential-and-commercial-solar-projects-2012-06-13″>said Zack Boyers, Chairman and CEO of U.S. Bancorp Community Development Corporation, a community investment subsidiary of U.S. Bank, in a recent press release</a>. “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 fund will provide financial support for solar panels and solar panel installation, allowing customers to pay discounted electricity rates compared to their current utilities. SolarCity will manage everything for the customer, from permits and installation to repairs and maintenance as needed.
“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 from their utility company,” <a href=”http://www.denverpost.com/breakingnews/ci_20849523/solarcity-bank-finance-up-250-million-solar-projects”>said Benjamin Cook, SolarCity’s vice president of structured finance</a>.
Before this $250 million fund, U.S. Bancorp has done similar previous projects with residential solar companies Sungevity, Vivint and Sunrun, as well as Borrego, a mostly commercial-focused solar provider.