Google and SolarCity to create a $750 million fund for investment in residential solar projects
Companies bet on sustainability increasingly. Now, Google has accelerated its push into the renewables sector.
But this time, instead of funding a giant solar or wind farm, the company is looking to support the installation of solar panels on homes across the U.S.
Leading rooftop solar developer SolarCity announced last week that it has teamed up with Google to create a $750 million fund for investment in residential solar projects.
Google has committed $300 million to the fund, making it the company’s largest renewable energy investment to date.
The deal follows an earlier partnership between the two companies from 2011 that similarly funded the installation of residential rooftop solar arrays.
The fund works by financing the installation of solar arrays at no upfront cost for households in 14 U.S. states and the District of Columbia. The household then either pays a monthly charge to lease the panels or pays for the power that is generated.
In either case, households get predictable energy costs and typically realize significant savings compared to the grid power they otherwise would be using.
The fund is the latest in a string of high profile clean energy investments from leading IT firms.
So far in 2015, Google, Apple and Facebook have announced ambitious new renewable energy and green data center programs.
Just last week, for example, Apple announced plans for two major new data centers in Ireland and Denmark that will be run entirely on renewable energy.