Google grants $280M to solar energy project
Google gave a major boost to efforts using solar energy to power homes and buildings, with a $280-million investment to a firm financing solar installations in the United States. Google said that its aid for SolarCity âthe search giant's largest clean energy project investment to dateâ should help homeowners and businesses to begin harnessing the power of the sun. âThis is our largest clean energy project investment to date and brings our total invested in the clean energy sector to more than $680 million. Weâve also launched a partnership to offer SolarCity services to Googlers at a discount," Rick Needham, Director of Green Business Operations, said in a blog post. Needham said that, in SolarCityâs innovative financing model, the company covers installation and maintenance of the system over the life of the lease. One can prepay, or pay nothing upfront after which one makes monthly solar lease payments. âWe believe the world needs a wide range of clean energy options in the future, each serving different needs. Weâve already invested in several large-scale renewable energy projects, so weâre excited that this new partnership with SolarCity helps people power their homes directly with solar energy, too," Needham said. He said âdistributed" 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. Needham said the investment is a quadruple-win for Google, SolarCity, its new customers and the environment. âWe continue to look for other renewable energy investments that make business sense and help develop and deploy cleaner sources of energy. Whether harnessing the sun on rooftops like Michaelâs or in the desert sands of the Mojave, itâs all part of building a clean energy future," he said. â TJD, GMA News