PROVO, Utah — Vivint, formerly APX Alarm, has received $75 million from U.S. Bancorp to start its solar business, the company announced Wednesday.
With the funding, the company will create Vivint Solar, which will offer solar financing and installation services to the residential market, Forbes reports. Vivint, which began installing solar panels and marketing it services this past summer, will offer customers a 20-year lease. The company hopes to install 2,400 systems.
Vivint will use solar panels from Canadian Solar, microinverters from Enphase Energy, and Zep Solar’s racking system. A microinverter is an electronic device that goes on the back of each solar panel to convert the direct current produced by the panel into alternating current.
Vivint will start the installation in New Jersey and plans to expand its services to New York, Utah and Hawaii.
This isn’t the first time that the company has gone “green.” In 2010, Vivint began offering energy management equipment and services to allow customers to remotely monitor and adjust energy, using thermostats, lighting and small appliances.