According to this article from the NY Times, P.G.&E. Corporation, the California utility holding company, has created a $100 million tax-equity fund to finance residential solar installations.

The fund, managed by a P.G.&E. subsidiary, Pacific Energy Capital II, is the largest single solar leasing pool to date, according to the company, and marks the growing interest of utilities in the renewable energy financing business.

The $100 million in financing is expected to fund solar installations for 3,500 homes in Arizona, California, Colorado, Massachusetts and New Jersey.

I’m curious when funds like this will be created for Energy Efficiency projects. A solar kilowatt is just as effective as saving a carbon based kilowatt, so when will the smart money start to catch on?