Installing solar panels on your home just makes sense; they turn empty space into green power. One thing stopping some from taking the plunge could be the cost of installing a system, but Google can help. The search engine giant recently announced big plans to help make solar much more affordable by increasing its investment in SolarCity’s residential solar power model by $300 million. The move will create a new fund worth a total of $750 million that will help install distributed solar power on homes across the nation.
According to SolarCity spokesperson Jonathan Bass, that’s the largest investment in a fund such as this in the history of solar power. The investment will mean about 25,000 new homes with solar power capability and roughly 500 megawatts of new solar-generated energy. “Whenever you have a company of Google’s stature get involved, it’s significant,” Bass told ThinkProgress.
As of the end of 2014, Elon Musk’s solar venture had about 190,000 customers and one gigawatt of deployed production–so Google’s investment is huge for SolarCity and its mission to spread the solar vibe. “Investment in this model allows us to offer solar to a lot more customers,” Bass noted. “We continually raise these funds, and the symbolism here is the fact that we can raise $750 million shots the demand for this service.”
Bass went as far to call SolarCity’s model as “the democratization of electricity.”