Summary: Google has invested $75 million in a residential solar fund with Clean Power Finance, a platform that connects installers with customers.
Google is furthering its much-trumpeted commitment to renewable energy, thanks to a $75
millioninvestment in Clean Power Finance to create an initial fund that will help “up to” 3,000 residences convert to solar power. Google says that this puts the company at more than $850 million invested in clean power technology.
The way Clean Power Finance works is simple, according to the official blog entry: their “open platform” helps a network of solar power installment specialists connect with investors like Google. Those installers get financial incentives, enabling them to pass the savings onto customers. It’s a similar model to SolarCity, which was the recipient of Google’s first residential solar power investments.
The installers get to grow their business, the homeowners get to convert to a cleaner power source, and Google retains ownership of the solar energy system itself, collecting a monthly fee “at a price that’s often less than paying for energy from the grid.” The installer takes care of system maintenance and performance.
Google’s not the first investor with Clean Power Finance, but its easily the most prominent. There’s a bright future for solar, Google says, and it’s aiming to have a bigger impact when it comes to adoption. Couple this with Google’s investments in wind power, and it looks like the company is willing to put its money where its mouth is.