SolarCity Corporation: Financing of Residential Solar Projects
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SAN MATEO, Calif., April 7, 2016 /PRNewswire/ -- SolarCity Corporation (SCTY) announced it has closed the second financing within its renewable energy tax equity investment program with Bank of America Merrill Lynch and another investor. The program will finance approximately $188 million in solar projects, covering the capital cost of the solar equipment and installation, enabling thousands of homeowners to pay for the power the system produces, typically at a lower rate than their local utility charges.
The tax equity investment program is part of Bank of America's current 10-year, $125 billion environmental business initiative to advance low-carbon economic solutions through lending, investing and facilitating capital for clients around the world. Since 2007, Bank of America has dedicated $53 billion to low-carbon and other environmental business activities.
SolarCity (SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations, usually for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. Visit the company online at www.solarcity.com