Google Invests $75 million in Residential Solar Power Fund
As part of its ongoing commitment to alternative energy, the latest news from Google is that the internet giant has invested $75 million in a residential solar fund with Clean Power Finance, a provider of integrated services and financing solutions for the solar industry.
This initial investment in Clean Power Finance’s white label financing solution represents the second fund available to its network of qualified installers who brand and market it to homeowners. Google has now invested more than $850 million in the renewable energy sector.
SunLogic, California Solar Systems and American Vision Solar are among the many solar installers currently branding and offering homeowners Clean Power Finance’s financing solution. The Clean Power Finance-Google fund will enable up to 3,000 homeowners to go solar in a number of key markets, including California, Colorado and Arizona.
Residential solar financing is among the fastest growing categories in the solar industry. Solar power purchase agreements (PPAs) and leases are the driving force behind solar adoption among homeowners. In the first quarter of 2011, PPAs/leases accounted for more than a third of all residential solar sales in California and Colorado, according to Solar Energy Industries Association (SEIA).
Article by Antonio Pasolini, a Brazilian writer and video art curator based in London, UK. He holds a BA in journalism and an MA in film and television.
photo: Dave Dugdale.
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