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February 27, 2015

Google reduces its tax & saves planet with SolarCity investment

$300m will be invested by tech giant in push for solar panel installations.

By CBR Staff Writer

Google is investing $300m towards SolarCity’s residential solar projects, which is expected to support 25,000 SolarCity rooftop power plants.

SolarCity has a created fund valued at $750m, which is likely to cover the upfront cost of solar panel installations for home owners in 14 states across the US and the district of Columbia.

The project will allow homeowners to pay less for solar power than electricity produced by fossil fuels.

Previously, the tech giant invested in a wind and solar farms as well, bringing a total to $1.8bn in investment towards renewable energy projects.

According to reports, with the investment Google has become a "tax equity" investor in the fund, which will allow Google to reduce tax burden by claiming federal tax credits worth 30% of a solar project’s cost, which can allow the company to get 8% to 10% returns.

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."

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Google is not the only tech giant investing in renewable energy, as previously Apple invested $848m in a solar power plant which will supply electricity for the company’s new campus in Silicon Valley.

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