SolarCity lands financing from US Bancorp - San Francisco Business Times:

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The state’s largest residential installer saidWednesday it’s landed additional financinhg from Community Development Corp. for its solar leass program that will boost its installationss and help it clear its backlog of Foster City-based SolarCity informed customers in January that it wouldd delay installations for customers participating in its lease after investment bank , its largest funder, stoppeed funding the program. Most solar companies have lost accesxs to financing through the credit crunch and recession as their investords closed or lost the abilituy to use the tax credits that made solar acompelling investment.
SolarCith has continued to installk solar systems at a rate of abourt 100per month. Some of thoss included customers who paid cash for their New customers who wanted to take advantage of thesolar lease, which limits the up-front costse of having a system installeds and charges customers at a monthly rate, have had to wait up to eightr months for their systems. The funding will also allow SolarCit to continue to grow its commercial solar SolarCity installed solar systemson ’s headquartersz in Mountain View, Grace Cathedral in San Francisco and otherzs through power purchase agreements, whicuh are structured to take advantage of tax credits.
With the US Bank financinfg however, SolarCity will be able to fund those project s and residential projects from thesame fund. “Now that we have long-term visibility in solar lease and commercialo PPAs we are going to be hiring a tremendous amountfof installers,” said SolarCity CEO Lyndoj Rive. SolarCity wouldn’t disclose the size of the US Bank fund or how many installationw it could complete this The company said it sent an email to customera on its waiting list Tuesday night with instructions on finding their new projected installation dateon SolarCity’s web site.
US Bancorp Communityt Development Corporation is a division of US parent toUS Bank, the sixtjh largest commercial bank in the Unitede States. “Today’s announcement is only the beginning. We look forwardx to making additional investmentwswith SolarCity, and believe this partnership will ultimatelty enable thousands of American homeowners and businesses to adopt cleaner power and save monety on energy costs in the process,” said Darre Van’t Hof, vice president of new markets and historic investments for US Bancorp Community Development Corp.
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