Google has joined forces with SolarCity, a leading US based solar power company, in order to create a $280 million fund for sponsoring residential solar projects, Google announced on Tuesday.
With this new deal, Google has made its first investment in a residential, distributed solar energy project. Though it isn't the first, it will also be the largest clean energy investment made by the company, taking its overall contribution to green energy to almost $680 million.
According to the agreement arrived at by the two companies, SolarCity will be using the fund provided by Google to finance rooftop solar panel installations.
The $280 million funding by Google will provide the San Mateo, California based company to set up and lease solar power systems to between 7000 and 9000 residences across 10 states across the US.
"Now, through this partnership with SolarCity, we're excited to be making our first investment in distributed residential solar, making it easier and more affordable for consumers across the country, including our own employees, to use renewable energy at their own homes," Google Green Business Operations Director Rick Needham said in a statement, the Economic Times (opens in new tab) reports.