Of course, it is not the first time Google turns green. Now, the news is that Google has just announced its biggest clean energy investment yet, a $280M fund to finance residential solar panel installations across the US. The eco-friendly project is in partnership with SolarCity, a leading provider of solar energy system design, financing, installation and related services.
Definitely, many of us will be excited to know that we can eliminate the big upfront cost yet still benefit form lower bills!
With this, Google’s total clean energy investments come to around $680M.
The best part of the story is that in SolarCity’s innovative financing model, the company covers installation and maintenance of the system over the life of the lease. We can prepay, or pay nothing upfront after which we make monthly solar lease payments. The new innovation is remarkably noted for it addresses the main barrier to entry when it comes to residential solar power. We all know that a company’s assurance that they will save over the long-term isn’t enough for most people if they have to pay tens of thousands of dollars right away. However, the deal is structured in such a way that the price of leasing solar equipment is lower than current power bills!
Check out the video to know more.