Google just announced it will be investing $75 million to help at least 3,000 households to install solar panels on their roofs. It created the Clean Power Finance, which is a fund for solar installers to provide financing plans for those interested. Rooftop Solar
Homeowners are turned off by solar power installations because of the upfront costs. They don’t have the cash to pay for the installation and most of the time solar installers don’t have the funds to offer financing for projects.
Google said that its new solar panel fund will allow homeowners to install a solar power system worth $30,000 in their homes with small amount of upfront cash required. The homeowners would pay a monthly fee that would be equal to their monthly bull to their local utility. The search giant will own the solar panels and will be paid when the customers buy the electricity that is produced by the solar panels.
This is the second investment that Google made in residential solar systems. In June, the company made a $280 million fund to help finance rooftop installation with a partnership deal with SolarCity. It was the largest green investment ever made.