BANK’S $200 MIL TO PV SUN

U.S. Bancorp and SunRun form partnership to purchase $200 million in residential solar systems.
May 4, 2011 (SunRun)

"SunRun, the nation's leading home solar company…received an additional commitment of tax equity from a subsidiary of U.S. Bancorp to support the purchase of $200 million in residential solar systems. This commitment is U.S. Bancorp’s largest renewable energy tax equity fund to date. A market leader, SunRun installs over $1 million in residential solar every day to meet demand for its solar power service. One in eight families who switched to solar in 2010 chose SunRun.

"SunRun owns, installs, and maintains home solar panels so families don’t have to pay $30,000 or more for them. Homeowners pay a low monthly rate for clean power and SunRun takes care of everything else. In addition, SunRun customers lock in their monthly electric rates for 20 years. An average SunRun solar power service customer can save tens of thousands of dollars over the life of the agreement…"

Putting sun's money to work (click to enlarge)

"This tax equity commitment, SunRun’s fifth and largest transaction with U.S. Bancorp, is supported by the 1603 Treasury Grant Program. By allowing renewable energy projects to utilize a cash grant of equal value to the Investment Tax Credit, the 1603 program helped stimulate $9 billion of new investment in clean energy in the U.S. in 2009…

"As the only home solar company to have never run out of project financing, SunRun continues to expand and announced its Oregon launch last week. The company now makes solar affordable for families in eight U.S. states: Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, Oregon, and Pennsylvania."