Google Inc will sponsor SolarCity’s $280 million residential solar power systems project that will install roof solar panels for thousands of homeowners. This will be Google’s largest single clean energy investment that will help people who don’t wish to dole out a large amount for a solar energy system. This also brings Google’s clean technology investment to a total of $680 million. The project will also help SolarCitys solar lease program where customers pay monthly solar panel fees instead of paying a large installation price. Customers are able to save on electric bills.
SolarCity Chief Executive Lyndon Rive said compared with money saved in a bank, Google will gain better results through the project as it will own the systems. He is hoping that with their deal with Google, other companies will realize the good in financing solar energy systems. He said its been mainly banks that have focused on this, and what that has done is it hasnt broadened the market. With Google’s involvement, hopefully it will show other corporate companies that this is a smart investment. In 2007, Google has already mentioned its intent in solar, wind and geothermal technologies by planning millions of dollar investments. It aims to make renewable cost competitive with coal.
SolarCity recently acquired solar power project developer and distributor, groSolar. The privately held company has now expanded into ten states.