SolarCity teams up with Google for residential solar projects

US based energy firm SolarCity has created a new fund to finance $750m in solar projects, which includes a $300m capital commitment from Google.

Till date, this is the largest investment for the renewable sector by Google.

Google Renewable Energy principal Sidd Mundra said: "We’re happy to support SolarCity’s mission to help families reduce their carbon footprint and energy costs.

"It’s good for the environment, good for families and also makes good business sense."

SolarCity intends to invest the capital to pay for the upfront cost of residential solar panel installations and other equipments.

When implemented, the projects will be able to reduce power bills for thousands of home owners across 14 states in the US and the District of Columbia.

The homeowner will pay SolarCity for the energy used or the monthly rent for the installed panel, if they have been leased from the power firm.

This is a second collaborative effort by Google and SolarCIty to promote residential use of solar power, the first one being in 2011.