According to SolarCity, the funds will be used to provide homeowners with solar lease options, so they can install solar panels on their homes. This is the first collaboration between SolarCity and Citi, and Citis first investment in residential solar power.
Benjamin Cook, SolarCitys vice president of project finance comments: "We expect the partnership with Citi to be the first phase of a relationship that will significantly increase residential solar adoption in the U.S."
SolarCity says it has over 10,000 projects completed or underway in the U.S., including more than 7,000 SolarLease* customers. The company expanded to Maryland and the District of Columbia in January. It reportedly plans to offer solar leasing to a range of new states in 2011.
Citi is currently involved in a 10-year, USD$50 billion initiative to support the commercialization and growth of alternative energy and clean technology. To date, it says it has directed over USD$24.3 billion as part of this initiative.
* SolarLease is a system whereby homeowners can have solar installed on their home, without having to pay upfront. They then pay off their debt in monthly installments.