U.S. Bancorp and SolarCity Announce New $158 Million Fund to Finance Solar Projects

SAN MATEO, Calif., June 1, 2011—SolarCity®, a national leader in solar power system design, financing, installation, monitoring and energy efficiency services, announced the creation of a new fund to finance an additional $158 million in commercial and residential solar projects in 2011 in partnership with a subsidiary of U.S. Bancorp (NYSE: USB). The $158 million fund increases SolarCity’s total solar project financing funds to more than $1 billion, and the company now has more than 14,000 solar customers.

“U.S. Bancorp continues to be a proven leader in solar project financing,” said Benjamin Cook, SolarCity’s vice president of project finance. “SolarCity has already created more than $1 billion in solar financing capacity through fourteen funds with six partners, and we are just getting started.”

SolarCity will use the new fund to finance its SolarLease® and power purchase agreement (SolarPPA™) offerings. SolarCity’s affordable financing options make it possible for customers to save money by installing solar, because homeowners and businesses can pay less for solar than they currently pay for electricity from their power company.

The new fund will allow SolarCity to continue extending its offering to additional parts of the U.S. The company currently operates out of 24 operations centers in Arizona, California, Colorado, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas, and Washington D.C. Businesses and homeowners interested in SolarCity’s affordable financing options can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) or visit www.solarcity.com.

Written by greenlivingguy

The Green Living Guy, Seth Leitman is a green living expert, celebrity and Editor of the McGraw-Hill, TAB Green Guru Guides. Seth is also an Author, Radio Host, Reporter, Writer and a Environmental Consultant on green living. The Green Living Guy writes about green living, green lighting, the green guru guides and more. Seth's books range from: # Build Your Own Electric Vehicle by Bob Brant and Seth Leitman (2nd and 3rd editions) # Build Your Own Plug-in Hybrid Electric Vehicle by Seth Leitman # Build Your Own Electric Motorcycle by Carl Vogel # Green Lighting by Seth Leitman, Brian Clark Howard and Bill Brinsky # Solar Power For Your Home by David Findley # Renewable Energies For Your Home by Russel Gehrke # Do-it-Yourself Home Energy Audits by David Findley # Build Your Own Small Wind Power System by Brian Clark Howard and Kevin Shea # and more green living books to follow.