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Google announced today that it will provide $75 million to build 3,000 residential solar electricity systems across the country. Google will own the panels and get paid over time by customers who will pay a monthly fee to purchase the electricity that the panels produce.

The new fund will flow to small, local installers who will use the money to offer financing plans that involve little or no upfront payments on the part of the homeowner. The installers will be able to offer the financing deal under their own brand names.

Similar solar leasing models already exist in the Oregon market. Homeowners have been able to own, lease or purchase power generated by a system since 2001, according to Kacia Brockman, senior solar project manager for the Energy Trust of Oregon.

Google is partnering with a San Francisco company called Clean Power Finance to create the fund, which targets installers who would otherwise not be able to offer these financing plans.

鈥淭his demonstrates that there continues to be a growing interest from investors in small-scale solar projects,鈥� Brockman said.