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Sungevity and U.S. Bancorp Establish New Fund for Residential Solar Installations

Partnership to enable more than 900 customers to take advantage of solar power

OAKLAND, Calif., May 9, 2011 — Sungevity, the leading online residential solar provider, announced that U.S. Bancorp (NYSE: USB) will follow its successful 2010 renewable energy tax equity fund for Sungevity’s solar lease program with an additional investment to finance 2011 projects.  U.S. Bancorp’s commitment will support the purchase of $36 million of residential solar systems. The partnership will enable more than 900 future Sungevity customers to take advantage of the immediate cost savings of solar installations.

Sungevity remains one of the fastest growing solar companies in the country with a presence in eight states including Arizona, California, Colorado, Delaware, Massachusetts, Maryland, New Jersey and New York. 

“We believe residential solar will eclipse both commercial and utility scale installations within two to three years.  This is exactly where we want to be in the market,” said Darren Van’t Hof, Director of Renewable Energy Investments for U.S. Bancorp. “Working with valued partners like Sungevity advances national sustainability efforts and allows U.S. Bancorp to be a driver of clean-energy growth.”

Sungevity’s hassle-free iQuote technology enables the use of satellite images and aerial photography to assess customers’ roofs remotely and accurately determine the feasibility of future solar installations.  This process creates a convenient and efficient process for providing binding formal proposals. 

“The residential solar space is experiencing explosive growth,” said Mac Irvin, Chief Financial Officer of Sungevity, “and our model is uniquely suited to scale efficiently and delight customers.  U.S. Bancorp is a valued partner as we look to expand into new markets and bring our web-based customer consultation technology and solar solutions to the masses.”

About U.S. Bancorp

With $311 billion in assets as of March 31, 2011, U.S. Bancorp is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,082 banking offices in 25 states and 5,238 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

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 $400 million of renewable energy tax equity to finance over $800 million of renewable energy projects in the United States primarily in the solar market, and in select opportunities in the wind energy market.

About Sungevity

Sungevity is a solar sales company based in Oakland, CA., with a mission to make residential solar a mainstream product. The company has a strong team that brings together successful start-up experience, environmental leadership and solar industry knowledge. Sungevity has designed and launched a unique online sales process to make it easy and affordable for homeowners to go solar.   Visit Sungevity on the web at www.sungevity.com.

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