Google is putting up $300 million as part of a $750 million SolarCity fund meant to encourage solar energy in homes in the United States.
The fund, which was announced on Thursday, covers the cost of solar panel creation and installation so homeowners will have no upfront costs to dissuade them from going green. SolarCity, America’s largest solar power provider, claims it ultimately costs less than paying a typical utility company. But solar energy is still just finding its footing as a residential energy option.
Installation costs are often high for solar energy, which can trend upward of $20,000. With the fund money, all qualified homeowners pay for is the electricity that the solar panels produce, or monthly rent for leased panels.
SolarCity bills work in a similar manner to typical electricity agreements. SolarCity bills work in a similar manner to typical electricity agreements. Power plants have arrangements with local utilities to cover the cost of construction and delivery grid maintenance, and SolarCity is the same way. The bonus, according to SolarCity, is that the power it provides is usually cheaper and cleaner.
Google has worked with SolarCity before. The tech giant previously put up money to encourage residential solar power in 2011.
SolarCity is available in 14 states and Washington, D.C.