Google (GOOG,GOOGL) and SolarCity (SCTY) have teamed up to make solar energy more affordable.
The companies are investing a total of $750 million to finance approximately 25,000 residential solar projects. SolarCity will install solar panels on these homes.
Installing such a system typically costs $20,000 to $30,000 upfront. The move will make solar panels a reality for those who can’t afford tens of thousands of dollars for solar energy.
Homeowners will pay monthly fee to lease SolarCity panels. Google is putting up a $300 million equity stake on the project and the other $450 million will come from debt financing.
SolarCity is one of the top residential solar installers in the US.
GOOG stock is up 1.5% and GOOGL stock is up 1.5% Thursday. SCTY stock is up 0.8%.
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