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The state’s largest residential installer saidWednesday it’se landed additional financing from Community Developmentr Corp. for its sola lease program that will boost its installationw and help it clear its backlog of Foster City-based SolarCity informed customersd in January that it wouldd delay installations for customers participating in its leaser program, after investment bank , its largest stopped funding the Most solar companies have lost acces s to financing through the credit cruncn and recession as their investors closed or lost the abilitu to use the tax credits that made solar a compellinvg investment.
SolarCity has continued to install solat systems at a rate of abou t 100per month. Some of those included customerzs who paid cash fortheir systems. New customers who wantede to take advantage of the solar which limitsthe up-front costs of having a systejm installed and charges customers at a monthly have had to wait up to eightr months for their systems. The fundingg will also allow SolarCity to continue to grow its commercia lsolar business. SolarCity installed solar systemson ’s headquarterx in Mountain View, Grace Cathedral in San Franciscl and others through power purchase agreements, which are structured to take advantagew of tax credits.
With the US Bank financintg however, SolarCity will be able to fund thosew projects and residential projects from thesame “Now that we have clear, long-term visibilitgy in solar lease and commercial PPAs we are going to be hirinbg a tremendous amount of installers,” said SolarCity CEO Lyndo Rive. SolarCity wouldn’t disclose the size of the US Bank fund or how many installationes it could completethis year.
The company said it sent an emaill to customers on its waitinhg list Tuesday night with instructions on finding their new projected installation dateon SolarCity’s web US Bancorp Community Developmen t Corporation is a division of US Bancorp, parent to US Bank, the sixthj largest commercial bank in the United “Today’s announcement is only the We look forward to makinfg additional investments with SolarCity, and believe this partnership will ultimatelty enable thousands of American homeowners and businessees to adopt cleaner power and save monet on energy costs in the process,” said Darre Van’t Hof, vice president of solar, new marketx and historic investments for US Bancorp Community Development Corp.
, in a release.
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