Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Google Invests $300 Million in SolarCity to Make Going Solar Easier

Business

SolarCity has announced a $750 million fund to help defray the costs of solar panel installation in residential homes in 14 states and the District of Columbia. Following Apple's recent partnership with First Solar, Google has committed $300 million to the new fund—its largest renewable energy investment to date.

Google has contributed a little less than half of SolarCity's $750 million solar project fund.
Photo credit: Shutterstock

Going solar in the U.S. is easier and cheaper than ever, but many don't make the investment because of the initial sticker price. However, the new fund will cover the upfront cost of solar panel installations, making it possible for thousands of people to switch to renewable energy.

According to a SolarCity blog post, once the panels are installed, the homeowner will then pay SolarCity for the electricity produced, or monthly rent if the panels are leased. This arrangement, the company notes, is the same kind most of us have with our local utility, except SolarCity's power is usually cheaper and comes from the clean burning energy of the sun.

“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 new fund is the largest of its kind ever created for residential solar power, and the second such collaboration between the two companies. Back in 2011, the search giant invested $280 million to create a similar fund to help SolarCity put more panels on residential roofs.

According to Gigaom, Google's investment with SolarCity can provide an 8 to 12 percent return on the investment. A SolarCity spokesperson told the website that the remaining $450 million of the $750 million fund will come from debt financing.

YOU MIGHT ALSO LIKE

9,200 Solar Jobs in Arizona Despite Resistance from Big Utilities

Tim Cook: New Solar Farm Will Be Apple’s ‘Biggest, Boldest and Most Ambitious Project Ever’

Burlington, Vermont Becomes First U.S. City to Run On 100% Renewable Electricity

EcoWatch Daily Newsletter

During a protest action on May 30 in North Rhine-Westphalia, Datteln in front of the site of the Datteln 4 coal-fired power plant, Greenpeace activists projected the lettering: "Climate crisis - Made in Germany" onto the cooling tower. Guido Kirchner / picture alliance / Getty Images

Around 500 climate activists on Saturday gathered outside the new Datteln 4 coal power plant in Germany's Ruhr region, to protest against its opening.

Read More Show Less
Dr. Mark Brunswick (2R), Vice President of Regulatory Affairs and Quality, walks through the lab at Sorrento Therapeutics in San Diego, California on May 22. ARIANA DREHSLER / AFP / Getty Images

By Julia Ries

Around the world, there have been several cases of people recovering from COVID-19 only to later test positive again and appear to have another infection.

Read More Show Less

By Samantha Hepburn

In the expansion of its iron ore mine in Western Pilbara, Rio Tinto blasted the Juukan Gorge 1 and 2 — Aboriginal rock shelters dating back 46,000 years. These sites had deep historical and cultural significance.

Read More Show Less
Meadow Lake wind farm in Indiana. Anthony / CC BY-ND 2.0

By Tara Lohan

The first official tallies are in: Coronavirus-related shutdowns helped slash daily global emissions of carbon dioxide by 14 percent in April. But the drop won't last, and experts estimate that annual emissions of the greenhouse gas are likely to fall only about 7 percent this year.

Read More Show Less
Andrey Nikitin / iStock / Getty Images Plus

By Adrienne Santos-Longhurst

Plants are awesome. They brighten up your space and give you a living thing you can talk to when there are no humans in sight.

Turns out, having enough of the right plants can also add moisture (aka humidify) indoor air, which can have a ton of health benefits.

Read More Show Less
A bald eagle chick inside a nest in Rutland, Massachusetts. Massachusetts Division of Fisheries and Wildlife
A bald eagle nest with eggs has been discovered in Cape Cod for the first time in 115 years, according to the Massachusetts Division of Fisheries and Wildlife (Mass Wildlife), as Newsweek reported.
Read More Show Less

Trending

The office of Rover.com sits empty with employees working from home due to the coronavirus pandemic on March 12 in Seattle, Washington. John Moore / Getty Images

The office may never look the same again. And the investment it will take to protect employees may force many companies to go completely remote. That's after the Centers for Disease Control and Prevention (CDC) issued new recommendations for how workers can return to the office safely.

Read More Show Less