Residential solar provider Sungevity announced a new partnership with U.S. Bancorp (NYSE: USB) to finance solar systems for Californian homes.
Together the two companies have created a new $24 million tax equity fund to finance
ten-year solar leases for Sungevity customers.
"We like the residential solar space and are convinced its growth will outpace commercial solar development in the coming years," said Darren Van't Hof, Vice President of Renewable Energy Investments
for U.S. Bank.
Sungevity started providing solar leases in March and has already sold one-quarter of a megawatt under the offer, it said.
The company's website features an "iQuote" process, which enables Sungevity to use satellite images and aerial photography to assess customers' roofs remotely and accurately determine the homes' solar potential.
The company said it received more than 1000 iQuote requests in the first week alone.
