SolarCity Corp (NASDAQ:SCTY) declared today that it has established a fresh tax equity fund to sponsor $249 million in solar projects. The name of the company that is financing the fund was not revealed. This is the fourth solar project fund the two organizations have allied to create.
Subsequent to it being fully allocated, the fund can be double its size to sponsor a sum of $498 million in solar projects. The fund takes care of capital expenses of solar equipment as well as installation. This enables several homeowners to shell out less money for the power the systems generate than they give for electricity from their local utility firm.
SolarCity’s Executive Vice President Radford Small said that SolarCity has made 50 project funds with 21 different financing associates. He added that SolarCity’s novel blend of good returns and societal advantages has drawn a gamut of corporate as well as institutional investors. Radford also said that the company has let several homeowners and enterprises pay less for solar-panel-generated power than for utilities-based power.
SolarCity is debuting a Smart Energy Home offer to Hawaii residential customers. The offering has advanced technology such as the Nest Learning Thermostat, smart electric water heaters, battery storage and solar photovoltaics.
The smart energy home management system of SolarCity combines batteries with solar to store surplus electricity produced from the solar power system in the daytime. The system delivers the electricity to the home at night. The dynamically-controlled intelligent electric water heater utilizes solar PV to heat water in the day and store it for subsequent use in the home. The Smart Energy Home utilizes the Nest Learning Thermostat, smart electric water heater and the battery to automatically modify the consumption of energy based on the quantity of energy available, in order to stop energy from being routed back to the grid.