SolarCity, a provider of solar power design, financing, installation and monitoring services, has teamed with Google to launch a new $280 million fund to finance residential solar projects. The fund is SolarCity's largest project financing fund and the largest residential solar fund created in the U.S., SolarCity says.
The Google-backed fund is the first collaboration between the two companies, and it represents Google's largest investment to date in the clean energy sector, according to SolarCity.
The SolarCity/Google fund will extend SolarCity's solar lease (SolarLease) and power purchase agreement (SolarPPA) options to customers who desire to have solar panels installed on their homes but do not wish to make an up-front investment to purchase the systems.
SolarCity currently serves Arizona, California, Colorado, the District of Columbia, Maryland, Massachusetts, New York, New Jersey, Pennsylvania and Texas. The company has now created 15 project funds with seven different partners to finance $1.28 billion in solar projects.