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Google invests 280 mln USD to finance solar installations in U.S.

14 June 2011 22:39 (UTC +04:00)

Baku-APA. Google announced on Tuesday that it is investing 280 million U.S. dollars to finance more solar installations across the United States, its largest clean energy project investment to date, APA reports quoting Xinhua.

According to a joint statement of Google and SolarCity, a company that leases out solar panels to home owners, Google will create a fund to finance residential solar projects provided by SolarCity, allowing SolarCity to offer solar systems to homeowners for no prepay.

The project is Google’s first investment in residential solar projects, bringing the Internet search giant’s total investment in the clean energy sector to more than 680 million dollars, noted the statement.

Google said in its official blog that the investment is a quadruple-win for Google, SolarCity, its new customers and the environment.

"If more companies follow Google’s lead, we can dramatically reduce our nation’s dependence on polluting power," said Lyndon Rive, CEO of SolarCity.

According to California Solar Initiative, SolarCity has been the No.1 provider of residential solar power in California since 2007. Headquartered in San Mateo, California, SolarCity is known for introducing SolarLease, a lease option that reduces the upfront cost of installing solar power.