PG&E subsidiary teams with SunRun for home solar push

A subsidiary of PG&E has teamed with another company to install solar on about 3,500 homes nationwide, officials said today.

Pacific Energy Capital II LLC and SunRun Inc. announced a plan to create a $100 million tax equity fund to fuel the effort. The agreement calls for Pacific Energy Capital to provide financing and SunRun to manage the projects.

The solar panels are installed for no money down, and SunRun maintains the system. Homeowners pay a monthly fee. Other companies offer similar plans.

"We are focused on continuing to take advantage of smart, strategic opportunities that enable us to acquire an in-depth understanding of this market and these technologies," said Brian Steel, PG&E Corp.'s senior director of corporate strategy and development, in a statement. "Our investment with SunRun reflects this ongoing effort. Additionally, it allows us to continue supporting the advance of renewable energy, which is a priority for our company, utility customers and policymakers."

The solar systems are expected to be installed this year and next in at least five states, including Arizona, California, Colorado, Massachusetts, and New Jersey.

Katie Fehrenbacher reported on that the deal follows a similar one formed by PG&E and SolarCity earlier this year, involving $60 million in tax equity financing. That project was to install systems on 1,000 homes and businesses in California, Arizona and Colorado.

The San Joaquin Valley Clean Energy Organization is a nonprofit dedicated to improving our region's quality of life by increasing its production and use of clean and alternative energy. The SJVCEO works with cities and counties and public and private organizations to demonstrate the benefits of energy efficiency and renewable energy throughout the eight-county region of the San Joaquin Valley.