PG&E’s Pacific Venture Capital LLC unit will collect the revenues, and will also receive the benefits of federal investment tax credits and local rebates for the solar energy projects.
Due to this investment more than 1.000 solar power systems will be installed by SolarCity for U.S. homeowners and businesses using the company’s financing options, which allow customers to adopt solar power with no upfront investment and to save money on energy costs from day one.
“This investment represents an opportunity to broaden access to renewable energy … (and) 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,” said Rand Rosenberg, PG&E senior vice president of corporate strategy and development.
The solar energy projects funded by this agreement are expected to be installed in 2010, mostly in California and with some in Arizona and Colorado.
Shares of PG&E fell 81 cents, or 2 percent, to $44.78 in afternoon trading.