Residential Solar Power – ( Solar Thermal Magazine ) . New York – Capital One Bank has announced that it has partnered with SolarCity to create an investment fund to finance thousands of residential solar power systems. Capital One Bank is participating in the form of a $100 million investment. This deal represents Capital One Bank’s first renewable energy investment and reflects the bank’s commitment to growing and expanding its energy business into new sectors, including renewable energy.
The Capital One investment allows SolarCity (Nasdaq: SCTY) to offer thousands of American homeowners the option to install solar panels for free and pay less for solar electricity than they pay for utility power. SolarCity, the largest residential solar power provider in the U.S., has created funds to finance more than $4 billion in solar power systems. SolarCity serves 15 states and is currently providing one out of every four new residential solar power systems nationwide. The $100 million investment was reflected in the available financing reported in SolarCity’s announcement of financial results on May 7.
“We’re very excited to be working with SolarCity, which has a very strong position in the residential solar energy market,” says George Revock, Managing Director and head of alternative energy and project finance at Capital One Bank.
This investment will help SolarCity pursue their goals and provide affordable sustainable energy to thousands of homeowners as well as advance Capital One’s sustainable energy initiative.
“Thanks to Capital One, when we ask our customers “what’s in your wallet?,’ thousands more can say ‘all the money I saved on electricity bills by going solar,’” says Lyndon Rive, SolarCity’s founder and CEO.
With more than $3.5 billion in energy-banking loan commitments, Capital One Bank’s Energy Banking team is invested in the future of energy. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.