Google Creates $280 Million Fund to Finance Solar Energy

This week, Google announced a $280 million investment in SolarCity, the California-based solar startup company founded by Elon Musk (the man behind Tesla Motors, Space X, and Paypal). The deal is Google’s largest clean tech investment yet.

SolarCity offers solar leasing, which alleviates the somewhat intimidating upfront costs of buying solar panels and allows homeowners to save money on energy bills immediately. In the leasing program, SolarCity takes care of installation and maintenance, so homeowners can just sit back and enjoy the savings. 

CNN reports that Google’s $280 million will provide SolarCity with enough money to build and lease solar power systems for 7,000 to 9,000 homeowners in the 10 states where it operates. 

For more, check out this YouTube video released by Google with the announcement. 

Photo via SolarCity

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