Sungevity and Rabobank recently announced a new $50 million tax equity fund to support more of Sungevity’s solar leases. In all, Sungevity has now created $175 million in numerous tax-equity funds to support residential solar leases in a growing number of states.

The funds will help Sungevity meet customer demand in its eight-state service area. The company now offers leases in Arizona, California, Colorado, Delaware, Massachusetts, Maryland, New Jersey and New York.

Sungevity, which originally launched its residential solar leasing services in California in March 2010, expanded into eastern U.S. states this past summer, with its “Rooftop Revolution” campaign.

“The general entrance has been very strong,” said Sungevity founder Danny Kennedy. “Mainly because people [there] are very energy-cost interested.”

When people are offered either a chance to purchase a photovoltaic system outright or the chance to lease it, they choose to lease it by an overwhelming majority, according to Kennedy. That’s happening in the California market, as a new SunRun study shows that third-party owned residential solar systems are now outpacing purchased installations.

Demand for Sungevity’s services has been high. Since January 2011, its monthly sales have increased ten-fold, the company said. It’s also tripled staff to roughly 300.

Securing extra funds before it exhausts other funds allows Sungevity to ensure the company is able to meet demand.

“We do have other funds open. They’re not fully committed, but we’re being strategic about our various finance partners,” Kennedy said.

The company also recently established a $50 million fund with Citigroup in August, for instance.

The Rabobank fund is expected to support residential solar leases for more than 1,000 homeowners throughout Sungevity’s service area. It’s the first time the bank has invested in residential solar leases.

"We view residential solar energy as a promising market opportunity," Gianluca Signorelli, a vice president at Rabobank, said in press release.

Rabobank is joining a growing number of banks and other institutions, which include Google, Inc., to support residential solar leases. With headquarters in the Netherlands, it’s also one of the first—if not the first—foreign-based banks to invest in residential solar leases in the U.S.

Image courtesy of Sungevity.