SAN MATEO, Calif., May 28, 2015 (GLOBE NEWSWIRE) -- SolarCity Corporation (NASDAQ: SCTY) today announced the creation of a renewable energy tax equity investment program with Bank of America Merrill Lynch and the closing of the first financing in the program. The tax equity investment program will facilitate first-time and smaller investors entering the renewable energy tax equity credit market by lowering transaction costs and enabling smaller investment sizes. Investors can participate in tranches of $20-$25 million, which is a smaller investment than has been previously required. The financing will cover the capital cost of the solar equipment and installation, enabling homeowners to pay for the power the system produces, typically at a lower rate than their local utility charges. To date, SolarCity has raised funds to finance more than $8 billion in solar projects.
Investments in the growing solar industry can deliver strong financial returns and at the same time can reduce water consumption, pollution and greenhouse gas emissions. According to The Solar Foundation's "National Solar Jobs Census 2014", the solar industry continues to exceed growth expectations, adding workers at a rate nearly 20 times faster than the overall economy and accounting for 1.3 percent of all jobs created in the United States over the past year.
The new tax equity investment program is part of Bank of America's current 10-year, $50 billion environmental business initiative to advance low-carbon economic solutions through lending, investing and facilitating capital for clients around the world. Since 2007, Bank of America has dedicated $39 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 17 states. 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 savings and fund size and timing. 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.