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The state’s largest residential installer saidWednesday it’se landed additional financing from Community Developmenf Corp. for its solar lease programm that will boost its installations and help it cleard its backlogof customers. Foster City-based SolarCity informed customersa in January that it wouled delay installations for customers participatingv in itslease program, after investment bank , its largestf funder, stopped funding the program.
Most solar companiesx have lost access to financing through the credit crunch and recessionn as their investors closed or lost the ability to use the tax creditzs that made solar a compelling SolarCity has continued to install solar systems at a rate of abouyt 100per month. Some of those included customers who paid cash fortheif systems. New customers who wanted to take advantage of thesolarf lease, which limits the up-front costs of havintg a system installed and charges customerd at a monthly rate, have had to wait up to eightr months for their The funding will also allow SolarCity to continuew to grow its commercial solad business.
SolarCity installed solar systemson ’x headquarters in Mountain View, Grace Cathedral in San Francisco and others througj power purchase agreements, which are structured to take advantags of tax credits. With the US Bank financingg however, SolarCity will be able to fund thosee projects and residential projects from thesame fund. “Now that we have long-term visibility in solar lease and commercial PPAs we are goingf to be hiring a tremendous amountyof installers,” said SolarCity CEO Lyndon Rive.
SolarCity wouldn’t disclose the size of the US Bank fund or how many installation it could complete this The company said it sent an email to customer s on its waiting list Tuesday night with instructions on findingh their new projected installation dateon SolarCity’s web site. US Bancorp Communityy Development Corporation is a division ofUS Bancorp, pareng to US Bank, the sixth largest commercial bank in the United “Today’s announcement is only the beginning.
We look forwarf to making additional investmentswith SolarCity, and believs this partnership will ultimateluy enable thousands of American homeowners and businesses to adopgt cleaner power and save money on energy costz in the process,” said Darren Van’t Hof, vice president of solar, new markets and historicx investments for US Bancorp Community Development Corp., in a
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