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Google wants to be a bank by helping homeowners finance their solar panels

Radford C. Sep 27, 2011 0

home_solar_panelsWho needs the government when both parties are always at a gridlock over energy, oil commodities, etc.

Energy independence my ass.

Well, Google has decided to take matters into their own hands by putting up a fund (Clean Power Finance) that local solar venders will be able to use to make purchasing more enticing for customers. If you’re one of the lucky 3,000 customers that deals with such vendors, you’re in luck as that’s how many homes Google plans to finance.

The plan allows homeowners to install a $30,000 solar electricity system on their house for little or no money up front. Instead, customers pay a monthly fee that is the same or less than what they would otherwise be paying their local utility for power. Google will own the panels, and get paid over time by customers who purchase the electricity the panels produce.

Purchasing a solar system is a major home improvement, but the upfront cost has historically been one of the biggest barriers for homeowners. Solar installers across the country don’t always have the resources to find financing for customers, or the capital to provide it themselves. And for investors like Google, banks and others, it can be difficult to enter a fragmented solar market with many companies, and get connected to individual homeowners. -Rick Needham, Director of Green Business Operations

This is the latest a string of investments Google has made in renewable energy, now totaling $850 million.

And, what if people don’t pay monthlies? Well, who can live without power?

Via »Source