Google Inc. has planned to invest $280 million in residential solar panels. It is Google’s largest investment, particularly in the clean energy technology sector. To encourage growth in the usage of renewable energy, Google has taken an initial step so that other companies can also follow to prevent environmental pollution. The deal has been signed between the Mountain View, a California-based technology firm, and the SolarCity to complete the residential solar projects which include many states along with Texas.
Following Google, other leading American companies have come forward to join hand-in-hand to participate in such types of solar projects. According to the press release SolarCity CEO Lyndon Rive stated, it is the company’s largest fund out of the 15 projects. The Solar project financing funds for $ 1.28 billion consist of seven partners. Rive also stressed that investing in solar energy is always a better option for corporate investors because it generates huge returns. Moreover, this kind of investment can turn into cost savings for homeowners. It offers lots of new as well as local jobs for the unemployed. In addition to the above, it can also help to protect the environment concerning other power sources.
The Google Fund will open the door for those who are interested in purchasing solar panels but can’t do that because of the shortage of financial help to buy the systems. This type of investment will increase solar lease and power purchase agreement options for customers. However, SolarCity serves limited sites such as Arizona, Colorado, California, the District of Columbia, Massachusetts, Maryland, New Jersey, New York, Pennsylvania, and Texas.
Rick Needham, Google’s director of green business operations, said that the company has made several investments, especially in renewable energy because such types of deals make business sense and help to move forward to work for a clean energy future. Hence, investing in residential solar panels will encourage customers as well as Google’s employees to utilize renewable energy sources at their homes.