Connecticut provider SolarCity and U.S. Bancorp have announced a renewable energy tax equity fund to finance up to $250 million in commercial and residential solar power projects.
The fund allows customers in SolarCity's 14 state service territory, including Connecticut, to pay less for solar electricity than they pay to their utility company. This is the sixth and largest fund created by the two companies since they partnered three years ago.
SolarCity and U.S. Bancorp will finance the solar panels and installation, and customers will pay a discounted rate for their electricity. The fund is intended for businesses and homeowners, as well as administrative, school and government buildings.
SolarCity, based in California, expanded to Connecticut in February and has an office in Wethersfield.
U.S. Bancorp has committed more than $700 million of renewable energy tax equity to clean energy since 2008, which has helped to develop residential solar funds and commercial and municipal wind and solar projects.