Google invested $280 million into Elon Musk’s solar energy company, SolarCity, back in 2011.
This week, Google announced it will be pouring more money, to the tune of $300 million, into the energy company in order to finance approximately 25,000 residential solar projects.
Currently, SolarCity is the top residential solar system company in the US, not really something to brag about quite yet because the industry is still wide open and in its beginning phases.
Google’s capital will help SolarCity install solar panels on residential homes, allowing homeowners to basically pay a monthly subscription fee for the service, similar to something like Spotify.
By doing this, more people can afford a solar energy system versus having to ante up $20,000 to have it installed.
SolarCity has created a $750 million fund for the project, already exceeding the most money ever raised for a residential solar system.
While Google’s investment looks like a lot on the surface, the company has actually invested over $1.5 billion in renewable energy projects to date.