Mountain View, Calif., June 14, 2011 — SolarCity and Google announced the creation of a new $280 million fund to finance residential solar projects.
The Google-backed fund is the first collaboration between the Internet giant and the solar power and energy efficiency service provider, and represents Google's largest investment to date in the clean energy sector.
SolarCity has now created 15 project funds with seven different partners to finance $1.28 billion in solar projects.
The SolarCity/Google fund will extend solar lease (SolarLease) 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.
SolarCity serves Arizona, California, Colorado, the District of Columbia, Maryland, Massachusetts, New York, New Jersey, Pennsylvania and Texas, and has more than 15,000 solar projects completed or under way.
More than 12,000 of those customers have chosen SolarCity's financing options, while 3,000 have purchased their systems.
Google has now invested more than $680 million in a range of clean energy technologies. This marks Google's first investment in residential solar.