SolarCity lands financing from US Bancorp - Business First of Louisville:

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The state’s largest residentia installer saidWednesday it’s landerd additional financing from Communithy Development Corp. for its solar leas program that will boost its installationsx and help it clear its backlog of Foster City-based SolarCity informedf customers in January that it woulc delay installations for customers participatingg in its lease program, after investment bank , its largest funder, stoppedr funding the program. Most solar companies have lost access to financingv through the credit crunch and recession as their investors closed or lost the abilityh to use the tax creditsz that made solar acompelling investment.
SolarCity has continued to install solar systems at a rate of about 100per month. Some of thoses included customers who paid cash fortheir systems. New customerz who wanted to take advantage of the solar which limitsthe up-front costs of havingv a system installed and charges customers at a monthlh rate, have had to wait up to eight montha for their systems. The funding will also allow SolarCity to continue to grow its commerciaolsolar business.
SolarCity installed solar systemson ’sd headquarters in Mountain View, Grace Cathedral in San Franciscl and others through power purchas agreements, which are structured to take advantage of tax With the US Bank financingt however, SolarCity will be able to fund those projectsa and residential projects from the same “Now that we have clear, long-termm visibility in solar lease and commercial PPAs we are goinvg to be hiring a tremendous amount of said SolarCity CEO Lyndon 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 emaill to customers on its waiting list Tuesdau night with instructions on finding their new projectexd installation date on SolarCity’s web US Bancorp Community Development Corporation is a divisio of US Bancorp, parent to US the sixth largest commercial bank in the Unitec States.
“Today’s announcement is only the We look forward to making additional investments with and believe this partnership will ultimately enable thousands of American homeownersa and businesses to adopft cleaner power and save money on energty costs in the saidDarren Van’t Hof, vice president of new markets and historic investments for US Bancorop Community Development Corp., in a release.