The renewable energy sector – solar in particular – is becoming increasingly popular at Google, which has up to now invested more than US$850 million in the renewable energy sector. The latest US$75 million investment is in Clean Power Finance’s ‘white label’ financing solution for the US residential market for solar PV installations. The Clean Power Finance-Google fund is expected to support up to 3,000 homeowners in financing the installation of PV modules on rooftops.
“Clean Power Finance has built an innovative platform that connects solar manufacturers, investors like us, and solar installers who offer our financing directly to homeowners. It's a powerful combination that will reduce costs and facilitate the expansion of distributed solar in the U.S.,” said Rick Needham, director of Green Business Operations at Google. “We're proud to be among the first investors to partner with Clean Power Finance, and enable the company to continue forging strong relationships with the best brands in solar.”
According to Clean Power Finance, 40% of residential solar systems sold last year in the US were facilitated by Clean Power Finance's platform.