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Internet giant Google has partnered with solar power installation company SolarCity to create a $280-million fund for financing residential solar projects.
In a joint statement, SolarCity and Google “announced the creation of a new $280-million fund to finance residential solar projects’’.
The deal marks Google’s first investment in residential and distributed solar projects. It is also Google’s largest clean energy investment so far bringing its total investment in the sector to more than $680 million.
SolarCity will use the Google fund to help finance rooftop installations.
The fund will extend solar lease and power purchase agreement options to customers who desire to have solar panels installed at their homes, but do not wish to make the larger upfront investment to purchase the systems.
According to experts, rooftop solar system costs between $25,000 and $30,000, too much for many homeowners.
“Now, through this partnership with SolarCity, we’re excited to be making our first investment in distributed residential solar, making it easier and more affordable for consumers across the country, including our own employees, to use renewable energy at their own homes,” the Google Green Business Operations-Director, Mr Rick Needham, said.
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