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Google invests $280 million to spur home solar

Tue, 06/14/2011 - 5:05am
JONATHAN FAHEY - AP Energy Writer - Associated Press

Google is investing $280 million in solar power for private homes, its latest — and largest — investment in clean energy.

The money will allow installer SolarCity to offer solar systems to homeowners for no money up front. In exchange, customers agree to pay a set price for the power produced by the systems.

Google earns a return on its investment by charging SolarCity interest to use its money and reaping the benefits of federal and local renewable energy tax credits.

Google Inc. co-founder and chief executive Larry Page wants Google's operations to eventually produce no net greenhouse gas emissions. The company has aggressively invested in green energy projects.

This will be Google's seventh such investment, raising its green energy investment total to more than $680 million.

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