Google Allows Homeowners To Rent Solar Panels

Google Allows Homeowners To Rent Solar Panels

Tthe multi-billion Internet company is committed to helping 10,000 homeowners install solar panels to promote green energy.

Yi Chen
  • 3 october 2011

Internet giant Google has recently announced that it has set up a $75 million fund with Clean Power Finance to help 10,000 homeowners in the U.S. to install solar panels. Residents can rent the solar panels for a monthly fee and the payment is often lower than local utility rates. Clean Power Finance has already helped hundreds of homeowners to finance affordable options for residential solar systems. In this case, Google will maintain ownership of the installed solar panels, while Clean Power Finance will be responsible for the maintenance of them.

Rick Needham, Google’s Director of Green Business Operations stated on the company’s blog that:

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. That’s where Clean Power Finance comes in.

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