Down To Earth

Sep 28, 2011 11:53 AM by Stephanie Collins

Google to finance home solar systems

NEW YORK (AP) - Google says it will invest $75 million to help 3,000 homeowners install solar panels on their roofs.

The search giant announced Tuesday that it will establish a fund that local solar installers will be able to tap so they can offer financing plans to prospective buyers.

The plans allow homeowners to install a $30,000 solar electricity system on their house for little or no money up front. Instead, customers pay a monthly fee that is the same or less than what they would otherwise be paying their local utility for power.

Google will own the panels, and get paid over time by customers who purchase the electricity the panels produce.

This is the latest a string of investments Google has made in renewable energy, now totaling $850 million.

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