Google bets big on solar energy with $300m

Posted at February 28, 2015 » By : » Categories : News » Comments Off on Google bets big on solar energy with $300m

Google bets big on solar energy with $300m

Image: Milan2099/ThinkstockImage: Milan2099/Thinkstock

Google is investing $300 million (£194m) to support the installation of solar panels on homes across the US.

US developer SolarCity said it has teamed up with the internet search engine giant, which is providing the cash for a $750 million (£485m) fund for residential solar projects.

Google said it is its largest renewable energy investment to date.

It will cover the upfront cost of solar installations for homeowners in 14 states and the District of Columbia.

Consumers will pay SolarCity for the electricity the solar panels produce or monthly rent for the panels in the case of a lease.

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

The deal follows a previous partnership between the two companies which similiarly funded the installation of residential rooftop solar arrays.

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