Google and Clean Power Finance created a new $75 million fund to finance residential solar projects. Google has now invested more than $850 million in the renewable energy sector.
“Clean Power Finance has built an innovative platform that connects solar manufacturers, investors like us, and solar installers who offer our financing directly to homeowners. It’s a powerful combination that will reduce costs and facilitate the expansion of distributed solar in the U.S.,” said Rick Needham, director of Green Business Operations at Google.
The Clean Power Finance-Google fund will enable up to 3,000 homeowners to go solar in a number of key markets. 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.
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, creating an easy and low cost way to go solar. 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).
Clean Power said 40% of residential solar systems sold in the U.S. in 2010 were facilitated by its platform.
to Daily News