SolarCity and U.S. Bank Expand Solar Project Fund to US $100M

SolarCity and U.S. Bancorp Community Development Corporation (USBCDC) have doubled the size of their fund to finance solar projects. The fund, originally announced in June, will be expanded to finance US $100 million in solar projects in 2009.

The partnership with USBCDC backs SolarCity’s solar leases and power purchase agreements (PPA), financing options that can allow homeowners and businesses to put no money down on solar systems and save money from day one on electricity costs.

“Our SolarLease and PPA products save customers money from day one, with no upfront cost,” said Lyndon Rive, SolarCity’s CEO. “We’re expanding our partnership with U.S. Bancorp Community Development Corporation to offer more homeowners and businesses zero-down financing to keep pace with the nation’s growing appetite for clean power.”

Earlier this month, SolarCity and Rabobank N.A., announced a partnership to create the world’s first solar-power enhanced, fast-charge electric car charging corridor. When complete, the corridor will include four locations between San Francisco and Los Angeles (Salinas, Atascadero, Santa Maria and Goleta), allowing all-electric cars to make the trip using solar energy and provide for the fastest charge time available for public electric vehicle (EV) charges. 

The SolarCity owned and operated corridor, built in cooperation with electric vehicle manufacturer Tesla Motors, will provide a full charge in one-third the amount of time of other charging stations.

San Francisco and Los Angeles each support local infrastructure for EVs and many enterprising EV owners have successfully completed ambitious road trips throughout California and cross-country. Allowing drivers to plug in and charge up at multiple locations along well traveled corridors will dramatically increase the convenience and practicality of the growing number of EVs on American roads.

“We hope that this corridor of charging stations provides new travel opportunities for electric vehicle owners and gives further momentum to the renewable energy movement,” said Marco Krapels, co-chair of the bank’s Corporate Social Responsibility committee.

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