SolarCity, Bank Of America Create New Program To Finance $400 Million In Residential Solar Projects

SolarCity Corp SCTYon Thursday announced it has teamed up with Bank of America Corp BAC to finance approximately $400 million in solar power projects throughout 2014 and 2015.

"The new financing makes it possible for thousands of American homeowners to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility power," the company stated in its news release. "The new residential program follows Bank Of America's prior commitment to finance more than $200 million in commercial solar power projects with SolarCity, and continues the two companies' long-term partnership to deploy clean energy."

The company's partnership with Bank of America is consistent with the bank's 10-year, $50 billion environment business goal to promote lower-carbon economic solutions through lending and other financing activities.

Bank of America has already dedicated $31.7 billion towards environmental business activities since 2007.

Shares of Solar City recently traded at $51.15, up 1.7 percent.