Google pumps another $280m into solar power

Google pumps another $280m into solar power. Image:BDFM Online

Google uses energy company SolarCity to fund homeowners who want to convert to solar

DES LATHAM

Published: 2011/06/14 05:05:33 PM

Google has announced it will pump another $280m into a fund to build solar installations, raising its total green energy investment to more than $680m.


While its initiative is aimed at the US market, the concept has an international edge.


The money will allow solar energy company SolarCity to offer solar systems to homeowners for no money up front.


In exchange, customers agree to pay a set price for the power produced by the systems.


Google then earns a return on its investment by charging SolarCity interest to use its money and the benefits of federal and local renewable energy tax credits.


"This is our largest clean energy project investment to date and brings our total invested in the clean energy sector to more than $680m. We’ve also launched a partnership to offer SolarCity services to Googlers at a discount," said the company in an online announcement.


The savings have been factored in dollars, and in the US a user will save about $100 a month on energy bills.


"We think distributed renewable energy (generated and used right at home) is a smart way to use solar photovoltaic (PV) technology to improve our power system since it helps avoid or alleviate distribution constraints on the traditional electricity grid," the company said.


This will be Google’s seventh clean investment, raising its green energy investment total to more than $680m.

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