SolarCity has attracted a US$300 million investment from Google to set up a fund that will finance US$750 million in residential solar projects.
The fund will cover the upfront cost of solar panel installations for homeowners in 14 states and the District of Columbia, and make it possible for them to pay less for solar power than they pay for electricity generated by fossil fuels, SolarCity said. The homeowners pay SolarCity for the electricity the solar panels produce, or monthly rent for the panels in the case of a lease.
Google investment is its largest renewable energy investment to date. The new fund is the largest of its kind ever created for residential solar power, and the second such collaboration between the two companies.