PROVO, Utah--(BUSINESS WIRE)--Vivint Solar, a provider of simple, affordable solar solutions, today announced that it received a commitment of renewable energy tax equity from a subsidiary of U.S. Bancorp (NYSE: USB) to support the financing of $75 million in residential solar energy systems in the United States.
The fund will finance a projected pipeline of 2,400 residential solar installations in New Jersey, Utah, Hawaii and New York.
“With Vivint’s existing product lines and customer service platform, we are confident this solar energy offering will be a success,” said Dan Siegel, assistant vice president of Renewable Energy Investments for U.S. Bancorp. “We look forward to future opportunities such as this.”
Vivint Solar installs and maintains residential solar panels, making solar energy simple and affordable for a wide range of consumers. Homeowners agree to purchase the power generated by the solar panels for a lower rate than they typically pay their utility. The agreement also enables customers to lock in lower monthly rates for 20 years. In return, Vivint Solar takes care of installation, monitoring and maintenance of the panels.
Vivint Solar works with the leading solar vendors in the industry, including microinverter provider Enphase Energy, and mounting system supplier Zep Solar.
“We are excited to partner with U.S. Bancorp to offer consumers a simple, affordable solar product with best-in-class equipment,” said Tanguy Serra, president of Vivint Solar. “This partnership puts our company in an excellent position to bring the benefits of solar energy to a broader range of consumers.”
Vivint Solar has an experienced and well-trained sales and installation team, and an award winning field and customer service network to offer low-cost solar energy to consumers.
About Vivint Solar
Vivint Solar is a leading provider of simple, affordable solar solutions. As an early adopter of the power purchase agreement (PPA) model, Vivint Solar designs, installs, and maintains cost-effective solar energy systems. The company provides award-winning service and support while saving customers money and protecting the environment. For more information, visit www.vivintsolar.com.
About U.S. Bancorp
With $321 billion in assets as of June 30, 2011, U.S. Bancorp is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices and 5,086 ATMs in 25 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.
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. U.S. Bancorp has committed more than $550 million of renewable energy tax equity to finance more than $1 billion of renewable energy projects in the United States, primarily in the solar market and in select opportunities in the wind energy market. Visit U.S. Bancorp on the web at www.usbank.com.