Google is investing $300 million in a fund designed to help people install solar panels on their houses.
The fund is being created by SolarCity, a fast-growing solar energy startup that boasts SpaceX CEO Elon Musk as its chairman. SolarCity has attracted $750 million overall for the fund, which will finance solar panel installations for homeowners in 15 states. Homeowners who install the panels will then pay SolarCity for the electricity they generate.
SolarCity claims its customers “usually” pay less for electricity than people who use traditional fossil fuels — and it says its energy is cleaner, too.
“It’s good for the environment, good for families and also makes good business sense,” Sidd Mundra, Renewable Energy Principal at Google, said in a statement.
The investment is Google’s largest in renewable energy projects.