Google Makes $280 Million Investment In Fund For Rooftop Solar Panels.

The Los Angeles Times (6/15, Hsu) reports, "In a move that could boost solar energy use in homes, Google Inc. is creating a $280-million fund to help finance rooftop installations." Google "said the deal with SolarCity, a solar panel installation company based in San Mateo, Calif., is the largest green investment it has ever made." The deal stipulates that SolarCity will use the fund created by Google to cover the installation and maintenance of rooftop panels.

        The AP (6/15) adds that Google's "money will allow installer SolarCity to offer solar systems to homeowners for no money up front. In exchange, customers agree to pay a set price for the power produced by the panels. Google earns a return on its investment by charging SolarCity interest to use its money and reaping the benefits of federal and local renewable energy tax credits."

        The Wall Street Journal (6/15, Chernova, Subscription Publication) reports that the deal is a manifestation of Google's desire for strong financial returns on low-risk projects. To date, Google has invested $680 million in renewable energy projects. According to Google's director of green business operations, Rick Needham, the company sees renewables as an investment, and not a burden. Furthermore, Needham says that investing in clean energy makes sense, since the prices of fossil fuels are constantly changing.

        DOE Offers Nearly $2 Billion In Loan Guarantees For Two Solar Projects. Dow Jones Newswires (6/15, Sweet) reports that the Department of Energy announced Tuesday that it has offered almost $2 billion in conditional loan guarantees for solar power projects being developed in California by NextEra Energy Inc. and Abengoa S.A. Abengoa was offered a $1.2 billion loan guarantee to help build its 250-megawatt Mojave solar-thermal power project in San Bernardino County that is expected to be finished and generating electricity by December 2013. The agency also offered NextEra a $681.6 million loan guarantee to build the 250-megawatt Genesis solar-thermal power project on federal land in Riverside, which is expected to be operational by November 2013. Both companies have signed power purchase agreements with PG&E Corp.'s utility.