Pacific Venture Capital LLC announced on Tuesday it would be investing $60 million in tax equity financing into SolarCity, one of the leaders in solar power system design and installation.
The money will be funded by shareholders of PG&E and will be used to install more than 1,000 solar systems across the country using SolarCity's SolarLease program as well as various financing options that allow recipients to get solar energy installations at little upfront costs to them.
"This investment represents an opportunity to broaden access to renewable energy, consistent with our focus on advancing clean, low-carbon energy solutions and California's goals to expand rooftop solar," said Rand Rosenberg, PG&E's senior vice president of corporate strategy and development. "Equally significant, it enables us to take an initial step toward gaining valuable experience with a technology and a marketplace that may become increasingly important in the future."
A majority of the solar energy systems will be installed in California, Arizona, and Colorado, joining the 1,700 SolarCity customers that already exist through Pacific Gas and Electric Company services.
