Search engine giant Google has started a new fund under which it will offer home owners solar powered electricity.
In a blog post (opens in new tab), the company said that it has invested $75 million in a fund with Clear Power Finance to help 3,000 residences utilise solar power.
This is the company’s second investment in solar power and it has now invested $850 million in clean energy till date.
The solar panels installed at home will be owned by Google and users will have to pay a monthly fee to the company, which is usually less than what they pay to a power grid. Google believes that installing solar panels right at the homes will make transmission much easier and will cost less.
“As we said when we made our first residential solar investment, we think it makes a lot of sense to use solar photovoltaic (PV) technology—rooftop solar panels—to generate electricity right where you need it at home,” the company said.
“It greens our energy mix by using existing roof space while avoiding transmission constraints, and it can be cheaper than drawing electricity from the traditional grid,” it added.