Google has invested $300M in a SolarCity fund designed to bring solar power to around 25,000 homes. Debt financing brings the total to $750M, making it the largest ever investment in residential solar power, reports Reuters.

While investing in solar power makes sound economic sense for homeowners, as well as being good for the environment, many are deterred by the typical $20-30,000 upfront cost of purchasing the panels. The SolarCity fund instead allows homeowners to lease the panels, paying a monthly fee to do so … 

It’s not the first time Google has invested in SolarCity, the company started and backed by Tesla founder Elon Musk: Google put in $280M back in 2011.

Google has long been a fan of solar power, installing a 1.6MW rooftop solar power system at its headquarters as long ago as 2009. It has made similar investments in residential solar projects with other companies, among them Clean Power Finance and SunPower Corporation, and has also made significant investments in solar power plants.

Google also last year purchased Titan Aerospace, makers of high altitude, solar-powered drones. Google’s total investment to date in renewable energy programs exceeds $1.5B.

FTC: We use income earning auto affiliate links. More.

Check out 9to5Google on YouTube for more news:

You’re reading 9to5Google — experts who break news about Google and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Google on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel

About the Author

Ben Lovejoy's favorite gear