Vivint Solar Announces $75m Partnership With U.S. Bancorp, Expansion Into Three New Markets

"If they're [the solar panels] not producing energy, you're not paying for it." That was Vivint CEO, Todd Peterson on Vivint Solar, the company's latest attempt at bringing renewable energy to consumers in a disruptive fashion. Through Vivint Solar, customers do not have to pay anything up front for solar power. They simply sign a contract, allow Vivint to strategically place solar panels on their roof and then buy the produced energy at a locked-in rate 20-30% below that of the local utility company. And again, if it happens to be an unusually cloudy summer, you don't take a loss since you didn't pay anything up front. Vivint Solar is announcing today a partnership with U.S. Bancorp that will allow the company to expand from its initial test market. A $75 million renewable energy tax equity fronted by U.S. Bancorp will help fund residential solar energy systems in the new markets of Utah, Hawaii and New York. But don't worry. Vivint is working hard at expanding nationwide.

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