Google has announced that it has pledged $280 million to help finance residential solar projects in the US.
The internet giant has teamed up with SolarCity, the US’s biggest solar firm, to create the country’s largest fund to date. It is also the largets amount Google has invested into the clean energy sector.
The SolarCity/Google fund will extend solar lease and power purchase agreement options to customers who want solar panels installed on their homes, but can’t afford the upfront capital to purchase the systems.
Lyndon Rive, CEO of SolarCity said: “Investments in solar energy generate returns for corporate investors, offer cost savings for homeowners, create new, local jobs for jobseekers, and protect the environment from polluting power sources. If more companies follow Google’s lead, we can dramatically reduce our nation’s dependence on polluting power.”
Google has now invested more than $680 million in a wide range of clean energy technologies.