SolarCity, Google to Finance $750 Million in Residential Solar Projects


A fund has been created by residential solar company SolarCity to finance future PV projects, with technology company Google investing their largest amount in solar so far. This new fund will help homeowners in many states across the nation cover their upfront costs of going solar. Besides helping the environment, the homeowners who install solar PV arrays on their roofs will save money and protect themselves from future energy rate hikes from traditional energy sources.

Google has committed $300 million to the fund in the second such collaboration between the two companies. The new fund is the largest of its kind ever created for residential solar power.

Recently, Apple committed just under $850 million for First Solar to build a commercial solar array to power their energy needs, and many expected this to be the first of a new wave of large technology companies to invest in clean energy, as well as save money on energy costs.