Google invests $280 million in solar plan for homeowners

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Google invests $280 million in solar plan for homeowners

Wednesday, June 15, 2011 at 06:30PM

Google Inc. will invest $280 million in residential solar power systems. The fund will allow homeowners to have solar panels installed on their roofs and lease them from startup company SolarCity. Without the upfront cost of purchasing and installing solar panels, customers will benefit from the cost savings created by going solar almost right away. The monthly leasing cost is expected to be less than what they formerly paid for power. This move brings to $680 million Google's total investment in the clean energy sector.

By one model, a customer could save $100 on his monthly energy bill by going with the SolarCity panels. The company covers installation and maintenance of the system over the life of the lease. Google will receive an undisclosed portion of each customer's monthly payment to SolarCity.

* GREEN SPECIAL FEATURE |

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