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Google Announces $75-Million Fund for Solar Powered Homes

Google has announced a sum of $75 million for installing home solar electric systems in California, Colorado and Arizona. The fund will be paying for about 3,000 residential solar installations and the search giant has hired Clean Power Finance to oversee the fund. Clean Power Finance will be using the fund to work with installers, such as SunLogic, California Solar Systems and American Vision Solar, to offer financing options to homeowners. The installers will market and sell leases and power purchase agreements offered by Clean Power Finance.

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Consumers will prefer leases and power purchase agreements because of the high upfront costs of a solar power system. As you might know, on average a solar electric system costs around $30,000.

These leases and power purchase agreements will cost about the same to homeowners. The only difference is in their terms.

Residential and small scale solar electrical systems are also popular because of the federal and state tax incentives for homeowners.

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But this not the first fund for Google. Earlier, Google had created a $280 million residential solar fund that California-based SolarCity will administer.

That fund will be utilized for installations, lease and power purchase agreements in 11 states and Washington, D.C.

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