At the Renewable Energy Finance Forum (REFF-West) in San Francisco, Rick Needham, Google’s Director of Green Business Operations, announced a new $75 million investment to create an initial fund with Clean Power Finance that will help up to 3,000 homeowners go solar, revealed Needham today in a blog post on Google Green blog.
“This is our second investment in residential solar, and we’ve now invested more than $850 million overall to develop and deploy clean energy,” said Needham.
He writes “Clean Power Finance developed an open platform that connects installers with investors like Google to provide financing to homeowners. Solar installers sign up with Clean Power Finance to get access to the company’s comprehensive sales solutions, including consumer financing from investors, like the Google fund. This enables installers to sell more systems and grow their business. The installer builds the system, the investor owns it (in this case, Google), and homeowners pay a monthly payment for the system, at a price that’s often less than paying for energy from the grid. Maintenance and performance are taken care of by Clean Power Finance and its network of installers.”
“We’ve already installed a 1.6MW rooftop solar installation at the Googleplex back in 2007. Now, through Clean Power Finance and our previous investment, we’re hoping to have an even larger impact. We look forward to watching our funding help more than 10,000 homeowners generate clean electricity from the sun,” said Needham.
Owned by Google, operated by Clean Power Finance, and installed by American Vision Solar, the Colin family of Santa Clarita, Calif. has a 4.14 kW solar system