The company and USBCDC have now collaborated on three separate funds to finance a total of $190m in solar projects in the US in 2009 and 2010.
SolarCity will use the new fund to finance its lease and power purchase agreement (PPA) offerings as it continues to expand to new states.
The company said that its financing options make it possible for its customers to save money by installing solar, because homeowners are not required to put any money down and typically save more on their monthly electricity bills than they pay for solar each month.
SolarCity’s offerings include custom design and installation, insurance, repairs, and production monitoring. The new fund will allow SolarCity to continue extending its offering to new parts of the US.
Lyndon Rive, CEO of SolarCity, said: ”We started this company with the simple belief that if we made solar power as affordable and accessible as other energy sources, we could make it a mainstream source of electricity.
“Partners like US Bank are making it possible for SolarCity to keep pace with demand, and helping us toward our ultimate goal of making an affordable clean power option available nationwide.”
