Forward-looking California tech giants Google and SunCity are partnering again to create the largest residential solar financing program in US history.
Google has announce its largest foray to date by working with San Mateo, California based SolarCity to create a fund which could finance as much as $750 million in residential solar projects. 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.
Google, whose base of operations is in Mountain View, California, has committed $300 million to the new fund. The new fund is the largest of its kind ever created for residential solar power, and the second such collaboration between the two companies
“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.”
The fund covers the cost of the installation, solar panels and other equipment. The homeowner pays SolarCity for the electricity the solar panels produce, or monthly rent for the panels in the case of a lease. In most cases it’s very similar to the arrangement homeowners have with their local utility, which finances the construction of a centralized power plant and delivery grid and then sells its residential customers.