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 from their utility company,” 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.
national leader in clean energy products and services—provides
homeowners, business and government organizations cleaner, more
affordable alternatives to their utility bills. The company makes it
simple for customers to lock in lower, long-term rates for clean energy
by providing everything from permitting and installation to ongoing
monitoring and maintenance. Additional information about the company is
available on the Web at www.solarcity.com.