SolarCity creates new $400 million fund to finance solar projects

By Lisa Kerner

Charlotte, N.C., Sept. 2 – SolarCity Corp. announced that it created a new fund, along with a large financial institution, to finance $400 million in solar projects.

The company has raised more than $9 billion in American solar projects, according to a news release.

SolarCity said the funds cover the capital cost of solar equipment and installation, enabling many homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.

San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.

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