Google starts second solar panel fund

MOUNTAIN VIEW, Calif., Sept. 27 (UPI) -- U.S. Internet giant Google said it was willing to finance solar housing projects for as many as 3,000 homeowners with a $75 million fund.

The Mountain View, Calif., company that installed solar panels on its headquarters roof in 2007 said it was starting the fund to help homeowners with initial costs for $30,000 projects with little or no down payment required from the homeowner, the Los Angeles Times reported Tuesday.

The project has been put together with the San Francisco company Clean Power Finance.

Google said it would be the owner of the solar panels and that "maintenance and performance are taken care of by Clean Power Finance and its network of installers." The monthly payment, Google said is "often less than paying for electricity from the grid."

The plan calls for Google to be repaid by customers who buy electricity created by the solar panels.

In June, Google established a $280-million fund in a similar project put together with California solar installation firm SolarCity, the newspaper said.