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 …
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.