SolarCity has launched a new fund with a subsidiary of US Bancorp to finance an additional $158m in commercial and residential solar projects in 2011.

The $158m fund increases SolarCity’s financing funds to more than $1bn.

SolarCity will use the new fund to finance its lease and power purchase agreement offerings as it continues to expand to new states.

The company said that its financing options make it possible for its customers to save money by installing solar systems.

SolarCity’s vice president of project finance said the company has created more than $1bn in solar financing capacity through fourteen funds with six partners.