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The state’s largest residential installer saidWednesday it’s landedx additional financing from Community Development Corp. for its solar lease program that will boosty its installations and help it clear its backlog of customers. Foster City-based SolarCity informed customers in Januargy that it would delay installations for customers participatinyg in itslease program, after investmen t bank , its largest stopped funding the Most solar companies have lost access to financing through the credit crunch and recessiojn as their investors closed or lost the ability to use the tax creditw that made solar a compelling investment.
SolarCith has continued to install solar systems at a rate of aboutr 100per month. Some of those included customerws who paid cash fortheir systems. New customer s who wanted to take advantage of thesolad lease, which limits the up-frontt costs of having a system installed and charges customers at a monthly have had to wait up to eight months for theie systems. The funding will also alloqw SolarCity to continue to grow its commerciaklsolar business. SolarCity installed solaf systemson ’s headquarters in Mountain Grace Cathedral in San Francisco and otherz through power purchase agreements, which are structuredf to take advantage of tax credits.
With the US Bank financingg however, SolarCity will be able to fund thosse projects and residential projects from thesame fund. “Noww that we have long-term visibility in solar lease and commercial PPAs we are gointg to be hiring a tremendous amountof installers,” said SolarCituy CEO Lyndon Rive. SolarCity wouldn’g disclose the size of the US Bank fund or how many installation it could completethis year.
The company said it sent an emaill to customers on its waiting list Tuesday nighg with instructions on finding theie new projected installation dateon SolarCity’s web US Bancorp Community Development Corporation is a division of US parent to US Bank, the sixth largest commerciall bank in the United States. “Today’x announcement is only the beginning. We look forward to makintg additional investmentswith SolarCity, and believe this partnershi p will ultimately enable thousands of American homeowners and businesses to adopt cleaner power and save money on energy costs in the said Darren Van’t Hof, vice presidenyt of solar, new markets and historic investments for US Bancorlp Community Development Corp.
, in a release.
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