A subsidiary of U.S. Bancorp has set up a new renewable energy tax equity fund with Sunrun to support the purchase and installation of more than $150 million in residential solar systems across the US. Sunrun is a home solar specialist and this is the company’s sixth renewable energy tax equity commitment from U.S. Bancorp.
A subsidiary of U.S. Bancorp /quotes/zigman/278238/quotes/nls/usb USB +0.19% today announced the creation of a new renewable energy tax equity fund with Sunrun to support the purchase and installation of more than $150 million in residential solar systems across the United States. Sunrun is a market leader in home solar and this is the company’s sixth renewable energy tax equity commitment from U.S. Bancorp.
Sunrun invented solar power service in 2007 as a way for homeowners to go solar without high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner’s roof, while families pay a low rate for clean energy and fix their electric costs for 20 years. Typical Sunrun customers pay a lower rate for solar energy than what they pay for electricity from their utility companies. Sunrun installs over $1.5 million in solar every day and has more than 20,000 customers in ten states.
“U.S. Bancorp has been our trusted partner for years and is instrumental to Sunrun’s continued success as one of the largest providers of clean, affordable solar energy for American families,” said Sunrun co-Founder and CEO Edward Fenster.
Through its substantial tax equity commitments, U.S. Bancorp has helped Sunrun bring affordable solar to thousands of homes across the country.
“Sunrun has a proven track record of residential solar development and we value the company’s partnership as we continue to grow our leadership in the space,” said Zack Boyers, Chairman and CEO of U.S. Bancorp Community Development Corporation, a community investment subsidiary of U.S. Bank. “U.S. Bancorp takes great pride in initiatives that help homeowners make smart financial decisions. This is yet another example of the bank’s leadership in community development.”
A recent report from Sunrun and PV Solar Report, an authority on solar market data, shows solar power service is becoming the preferred way for homeowners to go solar. For example, solar power service grew 174 percent in California in the first two months of 2012 compared to the first two months of 2011. It has generated over $100 million in growth for the California economy so far in 2012. One in every three California homeowners who installs solar does so with Sunrun.
About Sunrun Sunrun is the nation’s largest home solar company and invented solar power service, a way for homeowners to go solar without the high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner’s roof, while families pay a low rate for clean energy and fix their electric costs for 20 years. Since Sunrun introduced solar power service in 2007, it has become the preferred way for consumers to go solar in the nation’s top markets. More than 20,000 homeowners in 10 states have chosen Sunrun, and the Company partners with over 25 leading local solar companies who together employ more than 3,000 workers. Sunrun has attracted enough capital to support the purchase of $1 billion in solar systems from investors including U.S. Bancorp and raised $85 million in venture capital from Accel Partners, Sequoia Capital and Foundation Capital. For more information visit: www.sunrunhome.com .
About U.S. Bancorp With $340 billion in assets as of Dec. 31, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,085 banking offices in 25 states and 5,053 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way.
U.S. Bancorp is a recognized leader in financing a variety of renewable energy projects, building on its experience in other tax credit equity investments, including affordable housing, new markets, and historic tax credit investments. Since 2008, U.S. Bancorp has committed more than $690 million of renewable energy tax equity in support of clean energy projects with over $570 million invested in solar power generating facilities and the balance in wind energy projects. This commitment has supported the development of more than $1.7 billion worth of projects, including residential solar funds, commercial and municipal wind and solar projects and utility-scale wind developments. SOURCE: U.S. Bancorp