Google fund gives homeowners free installation of solar panels and pay less for electricity than they currently do (oh and Elon Musk is in the background as well)
From Silicon Valley Business Journal,
California-based SolarCity is creating a $750 million fund with a $300 million investment from Google that will allow homeowners across the country to install solar panels (increasingly and cost efficient solar panels) with no upfront costs and will allow them to pay less for the solar energy than they do for electricity from their current utility company.
The fund will cover the cost of the solar panels, their installation, and other equipment. The homeowner will pay SolarCity for the electricity the panels produce or monthly rental payments of the panels.
The company says it will work similar to utility companies, which use payments for electricity from homeowners to finance the construction of power plants and delivery grids. But SolarCity says the energy they provide is cleaner and cheaper.
With construction ramping up at its RiverBend location, the company says it will begin installing equipment early next year.
SolarCity (NASDAQ: SCTY) is receiving $750 million in incentives from New York state as part of the Buffalo Billion plan that promises to create more than 3,000 jobs over the next 10 years.
More iDisruption from the Elon Musk/Google relationship here.
Google using it’s cash muscle to disrupt the energy business – this is terrifying for legacy energy companies.
iDisrupted Index: 10/10
iDisrupted Horizon: short term
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