With growing concerns over whether homeowners can currently afford to invest in solar panels for their homes, SolarCity is hoping to make it a little bit easier.
The United States's leading solar provider has produced a new tax equity fund of $249 million to help finance solar projects for homeowners who may need some more assistance than others. The news comes after the company announced a 73% increase in installations year-over-year.
The fund’s financing partner was not disclosed, though SolarCity did reveal that this was the fourth solar project fund the two companies had created together.
The fund can be doubled in size to finance a total of $498 million in solar projects after full allocation, and is intended to cover the capital cost of solar equipment and installation, which would allow homeowners to pay less upfront for solar systems.