Google Invests $300M in SolarCity Fund in Bet on Renewable Energy

Google is making another big bet on renewable energy. The company is investing $300 million in a SolarCity fund to finance residential solar projects. The move marks Google's largest investment in renewable energy to date. Its investment equates to nearly half of the new $750 million fund that is being used to cover the costs of installing solar systems on homes in 15 states. In a blog post, SolarCity said the fund makes it possible for homeowners across the U.S. to install solar panels with no upfront cost and pay less for the solar than they pay for electricity from a utility company. Homeowners pay SolarCity for the electricity the solar panels produce, or monthly rent for the panels in the case of a lease.