SolarCity Creates $750 Million Residential Solar Finance Fund with Google

SolarCity project Phoenix
SolarCity project Phoenix. Image courtesy of SolarCity.

SolarCity®  has created a fund expected to finance $750 million in residential solar projects [1] with an investment from Google. The new fund will cover the upfront cost of solar panel installations for thousands of 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. 

“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.”

Google has committed $300 million to the new fund—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.

The fund covers the cost of the installation, solar panels and other equipment. 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.

This is the second time that Google and SolarCity have partnered to finance homeowners seeking to “go solar”.

 

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