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Google, SolarCity Partner to Create $750 Million Fund

Photo Credit: Intel Free Press via flickr

Thousands of homeowners in 14 states will be able to tap into solar panel, partly thanks to Google.

Solar-city_logoIn the Internet giant’s ongoing effort to become as green a company as possible, Google and SolarCity have partnered for a fund that will finance $750 million in household solar panels. The announcement was made Thursday via a press release from California-based SolarCity.

While a definitive number was not available, the creation of the program is believed to be able to help thousands of households install solar panels on their homes and feed the solar energy back into the electricity grid.

Google has committed $300 million toward the project.

“We’re happy to support SolarCity’s mission to help families reduce their carbon footprint and energy costs,” said Sidd Mundra, renewable energy principal at Google. “It’s good for the environment, good for families and also makes good business sense.”

On its blog site, SolarCity explained the idea is simple — the fund will cover installation costs of not just the solar panels but the needed equipment to convert homes over to solar power.

“The homeowner pays SolarCity for the electricity the solar panels produce, or monthly rent for the panels in the case of a lease. In most cases it’s very similar to the arrangement you have with your local utility, which finances the construction of a centralized power plant and delivery grid and then sells the power to you. Only the power that SolarCity provides is cleaner, and usually cheaper, too,” the post explained.

This marks the second time Google and SolarCity have worked together, reported Mashable. In 2011 the two companies joined to encourage and enable residential solar power.

About the author


W. Brice McVicar

W. Brice McVicar is a staff writer for SiteProNews.

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