The fund, the sixth and the largest launched by the two companies since they partnered three years ago would be used to make solar power systems affordable and accessible for homeowners, businesses, schools, and government buildings.

U.S. Bancorp Community Development Corporation chairman and CEO Zack Boyers said together, we have already made solar a reality for thousands of homeowners and businesses.

"With this new fund for SolarCity’s customers, U.S. Bancorp reaffirms its commitment to building sustainable communities by simplifying the adoption of renewable energy sources."

SolarCity structured finance vice president Benjamin Cook said, "Our partnership with U.S. Bancorp is unique in that it allows families and organizations to pay less for solar power than they pay for electricity from their utility company."

SolarCity and U.S. Bancorp said they also will offer funds for the solar panels and solar panel installation which can reduce customers’ electricity bills.

SolarCity will oversee the entire process for the customer including permitting, local installation, ongoing monitoring and repairs of the systems.