SolarCity gets $60 million in financing from PG&E Corp.
Another PG&E Corp. subsidiary, Pacific Venture Capital, will provide $60 million in tax equity financing for SolarCity to install 1,000 solar power systems on homes and businesses.
The panels are expected to be put in place in 2010, with the majority in California and some in Arizona and California. SolarCity has more than 1,700 solar customers in PG&E’s service area and more than 5,000 solar customers overall, according to the company.Through power purchase agreements, customers will buy the electricity and skip the hefty upfront cost of installing the systems themselves. SolarCity will continue to own and operate all the equipment it places on rooftops.
PG&E shareholders will foot the bill, in return for Pacific Venture Capital receiving lease revenue from SolarCity customers and the windfall from federal investment tax credits and local rebates associated with the project.
-- Tiffany HsuPhoto: SolarCity workers install panels in West L.A. Credit: Allen J. Schaben / Los Angeles Times