NEW YORK (TheStreet) -- Shares of Bank of America Corp. (BAC) are climbing, up 1.32% to $17.61 in early market trading on Thursday, as the bank teams up with SolarCity Corp. (SCTY) to finance about $400 million of solar power projects in 2014 and 2015.
Bank of America has a 10-year, $50 billion environment business goal to promote lower-carbon economic solutions through lending and other financing activities.
Since 2007, the bank has dedicated $31.7 billion towards environmental business activities.
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"The new financing makes it possible for thousands of American homeowners to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility power," said SolarCity in a statement.
Shares of SolarCity are also trading higher, up 2.92% to $51.76 this morning.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."