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Google is making its largest investment yet in clean energy, setting up a $280 million fund to finance home solar rooftop installations.
The search giant announced today it was teaming up with the Silicon Valley’s SolarCity—a company chaired by Paypal co-founder and Tesla Motors executive Elon Musk—in an effort to break down the biggest barrier to solar energy adoption: the cost.
“It’s a great way to support installations going into more homes,” said Google spokesperson Parag Chokshi.
The $280 million fund is the largest fund ever created for residential solar in the United States, according to SolarCity, which has raised a total of $1.28 billion in financing capacity during its five-year history.
Google over the past several years has invested in large, utility-scale wind and solar, enhanced geothermal energy, and other renewable energy projects, for a grand total of more than $680 million in the sector. But today’s deal is not only Google’s largest foray into the sector, it is its first investment in distributed energy.
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