His role, for which he will start training in the fall, will be based at Cambridge and Norwich airports, which means he'll be close to wife Kate Middleton and son Prince George at their country residence, Amner Hall, when the renovations are complete.
And while the Duke of Cambridge will be employed by a civilian company (a first for a member of the Royal Family in direct line to the throne) he won't be profiting personally from a paycheck at the end of each month.
"In common with all other East Anglian Air Ambulance pilots, The Duke will be formally employed by Bond Air Services," the Palace explained. "He will draw a salary which he will donate in full to charity."
Prince William will be in training for at least five months before qualifying for his Air Transport Pilot's License (Helicopter), and will start his role in spring 2015.
"The Duke will start as a co-pilot but, after a period of training, will be qualified to fly as a helicopter commander," the Palace told Us.
"This job will be the Duke's primary occupation," the announcement continued, "but his roster will take into account the duties and responsibilities he will continue to undertake on behalf of The Queen, both in the United Kingdom and overseas. The Duke will also continue his work with his patronages and with the Royal Foundation of The Duke and Duchess of Cambridge and Prince Harry."
The helicopter pilot role will build on The Duke's operational experience in the Royal Air Force Search and Rescue Force, which he completed in September 2013. In that role, he undertook more than 150 search and rescue operations.