New fund for residential solar projects

Citi and SolarCity announce $40 million finance for new projects

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SolarCity, a national leader in solar power system design and installation, joined with Citi in announcing a new fund to finance $40 million in residential solar projects in 2011.

This is the first collaboration between the two companies and Citi's first investment in residential solar power.

SolarCity will use the fund to provide its SolarLease option to homeowners, allowing them to install solar panels in their homes. SolarCity has over 10,000 projects either completed or under way in the US, more than 7,000 of which are SolarLease customers.

SolarLease does not require homeowners to put any money down and typically saves them more on their monthly electricity bills than they pay in lease payments. Additional benefits include custom design and installation, insurance, repairs, production monitoring and guaranteed performance – all for as little as $30 a month in some areas.

"It is good business practice for us to help consumers adopt renewable energy and to facilitate affordable energy-efficiency solutions," said Jason Cavaliere, a director in the Alternative Energy Finance Group at Citi. "We applaud homeowner efforts to save and generate clean energy in a financially responsible manner."

Benjamin Cook, SolarCity's vice president of project finance, said: "Citi has consistently put its money where its mouth is when it comes to advancing clean power use, and now the leading global financial services company is extending that contribution to residential solar. We expect the partnership with Citi to be the first phase of a relationship that will significantly increase residential solar adoption in the US."