Google invests in SolarCity

Google (NYSE: GOOG) and rooftop solar power company SolarCity announced a $280 million investment deal. The deal marks one of Google’s first into the residential market, according to CNN.

Google plans to recoup the investment through lease payments from some of SolarCity’s 15,000 solar projects. Some customers are leasing the solar panels from SolarCity and making monthly payments instead of paying for the panels outright. As part of its business model, SolarCity handles everything from buying and installing the panels to claiming the various tax credits offered by the federal, state and local governments.

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