With $75m in hand, Vivint plans to take 2,400 homes solar

Utah-based Vivint Solar, a new division of a home automation company, has partnered with a subsidiary of US Bancorp to establish a $75 million fund to help finance the installation of photovoltaic panels on residential rooftops.

The commitment of renewable energy tax equity from US Bancorp will enable Vivint Solar — a new energy venture by home automation company Vivint — to roll out a planned 2,400 residential solar installations in Hawaii, New Jersey, New York and Utah.

Vivint Solar offers photovoltaics as part of a power purchase agreement, in which homeowners can have solar panels installed and maintained at no cost in return for agreeing to pay the company for the solar power the systems generate. Customers are able to lock in their energy rates for a period of 20 years while Vivint Solar retains ownership of the photovoltaic systems. The arrangement generally results in homeowners paying less for electricity each month than they would to their local utility, according to the company.

Vivint Solar began marketing its offer this past summer to residents in New Jersey and now plans to expand to other markets in the US. The new energy division, announced in 2010, also expects to provide smart meter installation and energy management services.