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 —the search giant's largest clean energy project investment to date— should help homeowners and businesses to begin harnessing the power of the sun. “This is our largest clean energy project investment to date and brings our total invested in the clean energy sector to more than $680 million. We’ve 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 SolarCity’s 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. “We believe the world needs a wide range of clean energy options in the future, each serving different needs. We’ve already invested in several large-scale renewable energy projects, so we’re excited that this new partnership with SolarCity helps people power their homes directly with solar energy, too," Needham said. He said “distributed" 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. “We 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 Michael’s or in the desert sands of the Mojave, it’s all part of building a clean energy future," he said. — TJD, GMA News