Google invests $280 million in SolarCity to make solar affordable

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CNN Money reports that Google and SolarCity, a rooftop solar power company, partnered on a new initiative aimed at making solar energy affordable to the masses. The deal worth $280 million was announced yesterday. It’s the nation’s largest residential solar project to date that will enable SolarCity to lease solar power systems to some nine thousand homeowners in the ten states where it operates and Google will recoup its investments through those leases. The deal comes on top of the 15,000 SolarCity’s solar projects that are either completed or under way.

Customers who wish to have the company’s solar system installed at their home can pay for it outright, but most choose instead to let SolarCity retain ownership of the equipment and rent back the use of it through monthly solar lease payments.

Google is all out on the green front, with investments ranging from wind farms to eco-friendly datacenters.