Google Invests $280 Million in Solar City

More good news on the solar front.

http://money.cnn.com/2011/06/14/tech...n=money_latest


NEW YORK (CNNMoney) -- Google and rooftop solar power company SolarCity announced a $280 million investment deal Tuesday, the largest such deal for home-based solar power systems in the United States.
The investment will give San Mateo, Calif-based SolarCity the funding to build and lease solar power systems to a 7,000 to 9,000 homeowners in the 10 states where it operates.

Founded five years ago, SolarCity has 15,000 solar projects around the nation completed or under way. Customers who wish to have the company's solar system installed at their home can pay for it outright, but most choose instead to let SolarCity retain ownership of the equipment and rent back the use of it through monthly solar lease payments.
As SolarCity's financing partner, Google (GOOG, Fortune 500) plans to recoup its investment over time through those lease payments.
"We hope to be seen as a model," said Rick Needham, Google's director of green business operations.