SolarCity Corp. has created a fund expected to finance $750 million in residential solar projects, almost half that fund will come from Google who will be investing $300 million into the fund.
The fund is aimed at covering the upfront costs of solar panel installations for 1,000s of homeowners in 14 states and the District of Columbia. The fund makes it possible for them to pay less for solar power than they pay for electricity generated by fossil fuels.
This most recent investment into renewable energy brings Google’s commitment into the sector to $1.8 billion. The $300 million into SolarCity’s fund is Google’s largest renewable energy investment to date.