Google Inc. as a non-banking company will invest $ 280 million to SolarCity in order to support solar installations in residential areas across the company's services. The funds from Google is expected to create more leases offered by SolarCity in its existing markets.
SolarCity currently offers business and residential solar leases as well as power-purchase agreements in Arizona, California, Colorado, Maryland,DC, Massachusetts, New York, New Jersey, Texas and Pennsylvania.
Until now, SolarCity has got 15 funds worth $ 1.28 billion to finance their projects. According to Jonathan Bass from SolarCity, The great thing about these, its return to the investors for stable and safe during the life of the fund.
SolarCity also provide a full-service solar installer which installed the utility, commercial and institutional-scale solar systems. The funds that have been used has also provided employment opportunities for 600 new employees.
Until now, Google Inc. has invested a total of about $ 680 million in renewable energy including $ 168 million investment in Ivanpah Solar Electric Generating Systems at the beginning of this year. But this is the first investment will directly help others install solar for less.
