Over the past year, Google has been pouring several hundreds of millions of dollars into different renewable energy venues – and apparently the buck doesn’t stop there. On Tuesday, the Internet giant upped the ante yet again when they announced that they would be investing $280 million dollars into a fund to pay for the installation of home solar panels. Set up as a tax equity fund, the goal of their initiative is to work with the Silicon Valley start-up SolarCity to give homeowners the opportunity to bypass the initial high costs associated with going solar. Google’s hopes that their continued investment into this innovative business market will inspire other corporations to do the same.
The fund will finance the leasing the solar arrays from SolarCity, and will be distributed to homeowners over the next two years. SolarCity’s chief executive, Lyndon Rive, hopes that Google’s investment will inspire other corporations to invest their capital into financing solar arrays.
“They now have an opportunity to look at an investment that gives a good or fair return versus than just leaving it in the bank account. It creates immediate job growth and has an environmental impact too,” said Rive.
With this investment Google will receive a 30 percent federal investment tax credit.