The continuation of its renewable energy investments streak, Google Inc. has decided to put $ 280 million to the roof solar panels installed by Solar City project financing Inc., the Internet search giant largest biggest investment in clean energy so far.
The deal with San Mateo, California-based solar city is also the first investment from Google with respect to residential distributed solar, Rick Needham, Google’s director of green business, said in a statement.
Solar City offers sales, installation, financing, operation and maintenance of rooftop solar energy systems for residential and business customers. The company said that Google will use this investment to fund more solar installations across the country by expanding its power purchase agreement and lease services.
Customers who do not wish to increase the upfront investment to purchase the solar company can lease the equipment installed or purchase the power they produce and use through monthly payments are lower than a typical energy bill. The company includes the installation and maintenance of the system during the term of the lease or PPA
Eliminating the often considerable initial costs for buying a solar system is a boon for the industry was. Of only 27 megawatts of photovoltaic rural residential installed in 2005, more than doubled to 58 MW in 2007 and reached 264 MW by 2010, according to the Solar Energy Industries Association.
“Our investment is a quadruple-win for Google, solar city, new customers and the environment. We continue to look for other investments in renewable energy, business sense and help develop and deploy cleaner energy sources,” Mr. Needham said.
Mr. Needham did not elaborate on the exact terms of the agreement on how the California-based Menlo office have a good return on their investment.
Google’s solar project financing fund is the largest city so far and the largest of its kind for residential solar energy in the United States. The Solar City brings the total funding of projects to over $ 1.28 billion by the fifteen funds with seven different partners, Solar City said today in a statement.
Founded in 2006, has 15,000 solar city solar projects completed or underway in the nation’s 10 states and the District of Columbia.
Green Deals Google
In recent years, Google gradually became a major investor in renewable energy. With the solar city deal, Google said it has pumped more than $ 680 million in clean energy projects.
Google’s $ 168 million investment in solar energy Ivanpah project was previously the company’s largest single investment in renewable energy. The 392-MW solar power plant is said to be the largest of its kind in the world, being built by start-up bright source of energy in California’s Mojave Desert.
Most of its investments to finance several wind energy projects in the United States. The largest of its wind investment is one hundred million U.S. dollars in April for the 845-megawatt Shepherds Flat Project. Under construction in Oregon, is said to be the world’s largest wind farm.
The company also has Google Energy was founded in 2009, who can buy and sell power on the wholesale electricity markets. The first deal was with an operational 114-MW wind farm in Iowa in July 2010. The second agreement was signed in April 2011 with a 100.8-MW wind farm under construction in Oklahoma. Both facilities are owned by NextEra.
Google invested in stocks even 37.5 percent last October 2010 in the Atlantic Wind Connection. The 350-mile transmission line to be built off the coast of New Jersey to Virginia will be able to 6000 megawatts of offshore wind power connection. The U.S. Federal Energy Regulatory Commission recently approved a return for the project to 12.59 percent for investors.
The rest of the firm’s investments in green are small start-up ventures with Google and Google.org. Most of them are connected to the transport sector, including battery maker ActaCell, electric car maker Aptera, fuel-efficient car company and car sharing company Next Car Works relay rides.
The company has also invested in geothermal firm Alta Rock, weather insurance WeatherBill, Silver Spring Networks smart grid company, and efficient power conversion modules Transphorm start.
“The largest 200 companies in the United States have more than $ 1 trillion in cash on their balance sheets. Investment in solar energy to generate returns for investors, savings for homeowners, new, local jobs for job seekers, and protection of the environment from polluting energy sources. said Lyndon Rive, chief executive of Solar City.
“Google is an example that other leading American companies set to follow,” added Mr. Rive.
source:ecoseed
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