Google is working to help 3,000 homeowners receive solar power rooftops.
Google has proved its commitment to greener technologies over the past few years through hybrid vehicle initiatives, its investment in the world’s largest wind farm, an investment in the Ivanpah Solar Electric Generating System, and the installation of solar panels in its roof in Mountain View, California (which produces 1.6 megawatts of energy).
Last year, Google received regulatory approval to buy and sell power, much like a utility company. It is now using this approval to provide solar panels to homeowners who want to participate in green technology.
At the Renewable Energy Finance Forum in San Francisco this week, Google announced that it is investing $75 million toward helping 3,000 homeowners receive solar power. It is building an initial fund with Clean Power Finance in this venture.
According to The Official Google Blog, purchasing solar has been difficult for homeowners up until now because of costs. Solar installers do not always have the capital to provide financing for customers, and they sometimes cannot find resources that can provide financing.
On the investors side, it’s hard for companies and banks to enter the market and find a way to connect with customers in such a “fragmented market with many companies.”
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