Google has continued its multimillion dollar push into the booming US solar industry, announcing yesterday that it has teamed up with installation specialist SolarCity to launch a new $280m fund capable of financing residential solar projects.
The fund, which is the largest residential solar financing scheme launched to date, will provide solar panel leases and power purchase agreements to households, allowing them to install solar panels at no upfront cost.
The deal is the latest in a series of partnerships signed by SolarCity, which now operates 15 project funds with seven different partners, offering a total of $1.28bn in finance to solar projects.
"Google is setting an example that other leading American companies can follow," he said in a statement. "The largest 200 corporations in the US have more than $1tr in cash on their balance sheets. 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."