SolarCity has created a new investment program with Bank of America Merrill Lynch to finance an estimated US$400 million in solar power projects in 2014 and 2015. The new financing makes it possible for thousands of American homeowners to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility power. The new residential program follows BofA Merrill’s prior commitment to finance more than $200 million in commercial solar power projects with SolarCity, and continues the two companies’ long-term partnership to deploy clean energy.
SolarCity is currently providing one out of every three new residential solar power systems in the U.S. The company supports its customers with the largest in-house service footprint in the industry—its 55 operations centers serve 15 states.
The new program is part of Bank of America’s current 10-year, $50 billion environmental business goal to advance lower-carbon economic solutions through lending, equipment finance, capital markets and advisory activities, and investment advice and solutions for clients around the world. Since 2007, the bank has dedicated $31.7 billion to low-carbon and other environmental business activities.
