SAN MATEO, Calif., Dec. 11, 2014 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY) today announced that it has created a new investment program with Bank of America Merrill Lynch (NYSE: BAC) to finance an estimated $400 million in solar power projects in 2014 and 2015. The new financing makes it possible for thousands of American homeowners to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility power. The new residential program follows BofA Merrill's prior commitment to finance more than $200 million in commercial solar power projects with SolarCity, and continues the two companies' long-term partnership to deploy clean energy.
SolarCity is currently providing one out of every three new residential solar power systems in the U.S.1 The company supports its customers with the largest in-house service footprint in the industry—its more than 55 operations centers serve 15 states.
The new program is part of Bank of America's current 10-year, $50 billion environmental business goal to advance lower-carbon economic solutions through lending, equipment finance, capital markets and advisory activities, and investment advice and solutions for clients around the world. Since 2007, the bank has dedicated $31.7 billion to low-carbon and other environmental business activities.
About SolarCity
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs up approximately one new customer every minute of the work day. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding future projects and associated cost savings. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
1 Source: GTM Research Q3 2014 PV Leaderboard