SolarCity, a provider of solar power system design, financing, installation, monitoring and related services, and U.S. Bancorp Community Development Corp. (USBCDC) have formed a partnership to finance solar projects for U.S. homeowners and businesses.
The two companies have created a new tax equity fund to finance SolarCity's solar lease option (SolarLease) for homeowners and power purchase agreements for businesses. The firms expect this fund to finance more solar projects in 2009 than any other tax-equity fund in the U.S.
USBCDC's new fund is one of only two tax-equity funds closed in 2009 in the U.S. with the ability to finance residential solar projects. Both funds were created with SolarCity to finance solar installations, the companies note. SolarCity plans to hire 100 new employees in the next six months to increase installation capacity as a result of the new financing.