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Google Bets Big on SolarCity

Posted by Christina B. Farnsworth

Mar 7, 2015 1:37:38 PM

Google upped SolarCity’s ante, creating the largest fund of its kind to finance $750 million in residential solar.

SOLARCITY HAS FOUND A STRONG CADRE OF FINANCING PARTNERS: Credit Suisse, Google and J.P. Morgan Chase. Google’s newest fund will cover solar upfront costs for thousands of homeowners in 14 states and the District of Columbia.

SolarCityCalifornia

California Solar: Above, SolarCity Corte Madera, Calif., installation.

“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's commitment is its largest renewable energy investment to date -- and the largest of its kind ever created for residential solar power. This is the second such collaboration between the two companies.

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 2011 Google made a similar investment with SolarCity. One family it helped was Nicole and Adam Brown, who live in California’s San Fernando Valley. “We paid nothing for the panels and equipment until everything was turned on and ready to go, and after that we paid a low monthly rate for solar,” says Nicole Brown. “It’s kind of a no brainer, but many people are still surprised at how easy and accessible and affordable it is.”

Learn more about SolarCity.


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Topics: solar, solar installation, Google, financing, SolarCity

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