SAN MATEO, Calif. — SolarCity has created a new fund, with a large financial institution, to finance $400 million in solar projects.
America’s number one solar provider and the largest solar employer in the U.S., SolarCity has now raised funds to finance more than $9 billion in American solar projects.
The funds cover the capital cost of solar equipment and installation, making it possible for many homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.
Solar project investments can deliver strong financial returns and at the same time can reduce water consumption, pollution and greenhouse gas emissions. They are also tremendous drivers of domestic job creation. According to The Solar Foundation’s “National Solar Jobs Census 2014”, the solar industry continues to exceed growth expectations, adding workers at a rate nearly 20 times faster than the overall economy and accounting for 1.3 percent of all jobs created in the United States over the past year.
SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 19 states.