Google to invest $ 280 million in residential solar installations

In a joint statement, SolarCity and Google "announced the creation of a new USD 280 million fund to finance residential solar projects".

The deal marks Google's first investment in residential and distributed solar. It is also Google's largest clean energy investment by the company so far bringing its total investment in the sector to more than USD 680 million.

SolarCity will use the Google fund to help finance rooftop installations.

The fund will extend solar lease and power purchase agreement options to customers who desire to have solar panels installed on their homes, but do not wish to make the larger upfront investment to purchase the systems.

According to experts, rooftop solar system costs between USD 25,000 and USD 30,000, too much for many homeowners to lay out.

"Now, through this partnership with SolarCity, we're excited to be making our first investment in distributed residential solar, making it easier and more affordable for consumers across the country, including our own employees, to use renewable energy at their own homes," Google Green Business Operations Director Rick Needham said.