SolarCity and Citi Team Up to Fund Home Solar

SolarCity, America’s number one solar service provider, has teamed up with Citi, “America’s Greenest Bank”, to fund $40 million in new residential solar projects in 2011. This new fund will give homeowners the opportunity to lease solar panels for their homes. The projects represent the first time these two companies have collaborated and Citi’s first investment in residential solar energy.

This will not be the first time, however, that SolarCity has completed solar projects. To this date, they have more than 7,000 SolarLease customers and have completed or are currently finishing over 10,000 projects, raising over $700 million for solar installations.

Roof panels by SolarCity - Image courtesy SolarCity

Citi, which was dubbed “America’s Greenest Bank” by Bank Technology News and “Most Innovative Investment Bank in Climate Change and Sustainability” by the Financial Times’ Banker Magazine, has a long track record of working on environmental issues, something that business customers are increasingly demanding. Likewise, many homeowners would like to do their part to conserve energy and reduce emissions, and these projects will help them afford the transition.

Citi is currently ironing out a 10-year, $50 billion plan to promote the commercialization and development of alternative energy and clean technology around the globe. “Citi is committed to helping our clients finance different forms of renewable energy because it is good for the environment, good for energy security and helps create American jobs,” said Marshal Salant, head of Citi’s Alternative Energy Finance Group.

A quaint solar home - courtesy SolarCity

SolarCity’s SolarLease program provides affordable solar energy solutions to homeowners by no requiring them to put money down on installation. In the long run, homeowners who lease solar panels save more money on electricity than they pay to lease the solar panels. For as little as $30 per month, SolarCity offers custom designs and installation, insurance, repairs, production monitoring, and guaranteed performance.

Their website, solarcity.com, features a solar calculator to help customers plan and estimate their monthly payments and long-term savings. SolarCity currently provides affordable solar energy to over 1,500 communities in Arizona, Oregon, Texas, Maryland, Colorado, and Washington D.C. Maybe it’s time everyone considered solar power?

Tavis J. Hampton

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