Google Partnering In Fund To Lighten 25000 Homes In Us

About 25000 residential solar projects have been funded with Google Inc investing nearly half the funding. About 750 million fund was created by SolarCity Corp. The money will be used to put Solar Panels on homes. Homeowners will then pay a monthly fee to lease the panels from the company.

SolarCity, the top US residential solar installer, said that the fund created is the largest ever for residential solar systems and Google's 300 million equity stake is the largest renewable energy till date.

Google can claim federal tax credits worth 30 percent of a solar project's cost to reduce its tax burden being the "tax equity" investor in the fund. Typically these investors enjoy returns of 8-10 percent.

Jonathan Bass, spokesman of SolarCity said that the remaining fund of 450 million came from debt financing.

This is Google's second investment with SolarCity. Google has invested in more than 1.5 billion into renewable projects.