On September 27, Google and Clean Power Finance announced a residential solar fund partnership that will enable 3,000 homeowners to go solar.
The Clean Power Finance model aims to connect the solar industry with the capital market, providing financing solutions installation professionals can provide to homeowners looking to go solar.
Installers build solar energy systems funded – and owned – by the investors. Homeowners pay a monthly fee for energy use, and Clean Power Finance takes care of maintenance. This model is yet another addition to the growing menu of financing options available to consumers.
“Google’s investment in one of Clean Power Finance’s funds further validates the rapidly growing residential solar financing category and our unique market approach,” said Nat Kreamer, CEO of Clean Power Finance. “Our open, online platform makes it simple for qualified solar installers to offer the best available consumer financing from leading investors like Google.”
A solar installation owned by Google, operated by Clean Power Finance, and installed by American Vision Solar. Photo Credit: Google Green Blog
The $75 million fund from Google brings the Internet giant’s stake in clean energy over the $850 million mark.
Rick Needham, Google’s Director of Green Business Operations, wrote on the Google Green blog that this partnership will “enable the company to continue forging strong relationships with solar installers. By making financing more readily available, the Clean Power Finance platform has the potential to lower costs and accelerate adoption of solar energy.”
