Google To Invest $300 Million In SolarCity Project

Google Inc. is investing $300 million into a fund used by SolarCity Corp. to install residential solar-power units, reports said Thursday. The funds will cover almost half of the $750 million program to finance 25,000 residential solar projects, USA Today said. SolarCity installs the units for free and then charges owners "lightly less per month for the energy than they'd pay their traditional utility," the Washington Post reported. Google invested $280 million in SolarCity in 2011, and the Washington Post report noted that earlier this month, Google rival Apple Inc. said it would plow $848 million into a solar-power farm to be used to supply electricity to some of its offices and stores. "We're happy to support SolarCity's mission to help families reduce their carbon footprint and energy costs," the report quoted Google renewable-energy principal Siddharth Mundra as saying in a statement.

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