Google invests in innovative solar financing
Google announced on Tuesday, September 27, that it plans to make more than $75 million available to finance residential and commercial solar installations.
The U.S. solar industry saw record growth in 2010, according to the Solar Energy Industries Association, but remains a relatively small market. As the renewable electricity source gains in popularity, one of the limiting factors has been financing projects.
The funds will be available through four-year-old start-up Clean Power Finance, which provides an innovative new platform for financing solar projects. Solar installers can list a project through Clean Power and quickly receive financing offers from a variety of companies in the field, looking to aggregate the process into a single platform as is common for car dealerships, according to Forbes.
"In the past, most of the installers had to negotiate their own financing, but that doesn't scale very well," Joe Kraus of Google Ventures explained to Forbes.
This latest investment continues Google's substantial interest in renewable electricity. Aside from putting money in numerous large-scale renewable electricity plants, the company recently invested $280 million in residential solar installer SolarCity.