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Google Inc. (Nasdaq: GOOG, GOOGL) just invested $300 million in a $750 million SolarCity Corp. fund to finance residential solar projects. This will mean a hefty federal tax credit for Google as a tax-equity investor. The investment comes on the heels of a massive breakthrough in solar panel technology that allows 40% of the power from sunlight to be harnessed, a 15% increase from regular photovoltaic panels.
For Google, it’s a smart way to reduce their tax bill and support development of renewable energy.
“It’s good for the environment, good for families, and also makes good business sense,” Sidd Mundra, renewable energy principle at Google, said in the statement.