SolarCity to finance over $350M in residential solar power projects


SolarCity (Nasdaq: SCTY) has announced an investment fund expected to finance more than $350 million in solar power projects with J.P. Morgan. The fund is the second created by the two companies, and a follow-up to a fund created to finance approximately $170 million projects in 2013. The 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 bills.

SolarCity, the nation's #1 solar service provider, is currently providing more than one out of every three new solar power systems in the U.S. [1] The company supports its customers with the largest in-house service footprint in the industry—its more than 65 operations centers serve 15 states. J.P. Morgan is a global leader in renewable energy investment. Since 2003, the company has financed more than $1.4 billion of renewable generation capacity in wind, solar and geothermal projects.


[1]GTM Research U.S. Solar Market Insight Report Q3 2014

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