SolarCity has created a fund expected to finance $750 million in residential solar projects [1] with an investment from Google. The new fund will cover the upfront cost of solar panel installations for thousands of homeowners in 14 states and the District of Columbia, and make it possible for them to pay less for solar power than they pay for electricity generated by fossil fuels.
“We’re happy to support SolarCity’s mission to help families reduce their carbon footprint and energy costs,” said Sidd Mundra, Renewable Energy Principal at Google. “It’s good for the environment, good for families and also makes good business sense.”
Google has committed $300 million to the new fund—its largest renewable energy investment to date. The new fund is the largest of its kind ever created for residential solar power, and the second such collaboration between the two companies.
[1] The new fund is reflected in SolarCity’s undeployed tax equity financing capacity of 592 MW as of Feb. 17, 2015, reported in SolarCity’s announcement of financial results last week.