Isra-Mart srl: Google teams up with SolarCity in $280m rooftop panel push

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Google has continued its multimillion dollar push into the booming US solar industry, announcing yesterday that it has teamed up with installation specialist SolarCity to launch a new $280m fund capable of financing residential solar projects.

The fund, which is the largest residential solar financing scheme launched to date, will provide solar panel leases and power purchase agreements to households, allowing them to install solar panels at no upfront cost.

The deal is the latest in a series of partnerships signed by SolarCity, which now operates 15 project funds with seven different partners, offering a total of $1.28bn in finance to solar projects.

Lyndon Rive, chief executive of SolarCity, urged other blue chip firms to follow Google's lead and launch solar funds that can help cut carbon emissions at the same time as generating attractive returns.

"Google is setting an example that other leading American companies can follow," he said in a statement. "The largest 200 corporations in the US have more than $1tr in cash on their balance sheets. Investments in solar energy generate returns for corporate investors, offer cost savings for homeowners, create new, local jobs for jobseekers, and protect the environment from polluting power sources."

His comments were echoed by Rick Needham, director of green business operations at Google, who insisted the investment made strong commercial sense.

"Google has made a series of investments in renewable energy because they make business sense and help deploy a range of solutions that can help move us toward a clean energy future," he said. "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."

The deal takes the total invested by Google in clean energy projects to $680m, including recent backing for a raft of high profile solar and wind farm projects.