Google & SolarCity To Install Solar Panels In Homes
Google is ready to splash the cash in its biggest green tech project so far in collaboration with installer SolarCity. This investment of around $280 million will help the installer firm SolarCity to install solar panels on the rooftops of all the houses in the locality without any down payment. These consumers will thus get the solar panels set up for no cost. However, these home owners will be required to pay a price to the installers depending on the amount of energy produced by the solar cells in their house. Then, once this process starts Google will also earn returns on its huge investment in the form of interest on the principal amount given by it to SolarCity for installation of all these home solar mechanisms. Google will also receive benefits in the form of carbon credits or federal and state renewable energy tax credits. The Google Green Business Operations division is trying to create a better business model and an eco friendly brand image with this new venture.
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Larry Page, co founder and CEO of Goggle believes that such a business model will help the company to achieve the aim of producing no net green house emissions. This is not the first time that Google has funded a green tech startup. Actually it is Google’s seventh such investment . It had previously invested in wind farms in North Dakota, California and Oregon, solar projects in California and Germany. Recently, it also announced that it will be funding offshore wind farms on the East Coast which are still in the initial stage. The total investment by Google in these various non conventional energy schemes sums up roughly around 680 million USD.
The money will go straight to a fund from where it will be borrowed by installing firms like SolarCity or its rivals like SunRun and Sungevity from an associated bank or a specially designed fund. The fund by Google is not something very new but this one is the largest of all such funds. A typical solar panel installation on your terrace will cost you $25, 000 to $30,000 which is not affordable for many consumers. So they prefer to use the solar panels installed by these companies and pay them the rate of the energy that’s generated. Also, this helps the users to have lower electricity bills and security against rise in the conventional electricity charges.
With the large investment made by Google, some 10,000 rooftop systems can be put up in a span of one and a half years. The program will be initiated in California because of the abundant sunlight, higher power prices and encouraging tax benefits provided by the state for solar energy users. Besides California, SolarCity is planning to extend its services to states like Arizona, California, Colorado, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas and Washington.
Let’s hope that this venture turns out to be as successful as Google’s mainstream web related business ventures. This program will not only create awareness and infrastructure for the solar energy but will also encourage other firms to come forward and sponsor such green technology initiatives for a pollution free future.
Image Credit: #-Link-Snipped-#
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Larry Page, co founder and CEO of Goggle believes that such a business model will help the company to achieve the aim of producing no net green house emissions. This is not the first time that Google has funded a green tech startup. Actually it is Google’s seventh such investment . It had previously invested in wind farms in North Dakota, California and Oregon, solar projects in California and Germany. Recently, it also announced that it will be funding offshore wind farms on the East Coast which are still in the initial stage. The total investment by Google in these various non conventional energy schemes sums up roughly around 680 million USD.
The money will go straight to a fund from where it will be borrowed by installing firms like SolarCity or its rivals like SunRun and Sungevity from an associated bank or a specially designed fund. The fund by Google is not something very new but this one is the largest of all such funds. A typical solar panel installation on your terrace will cost you $25, 000 to $30,000 which is not affordable for many consumers. So they prefer to use the solar panels installed by these companies and pay them the rate of the energy that’s generated. Also, this helps the users to have lower electricity bills and security against rise in the conventional electricity charges.
With the large investment made by Google, some 10,000 rooftop systems can be put up in a span of one and a half years. The program will be initiated in California because of the abundant sunlight, higher power prices and encouraging tax benefits provided by the state for solar energy users. Besides California, SolarCity is planning to extend its services to states like Arizona, California, Colorado, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas and Washington.
Let’s hope that this venture turns out to be as successful as Google’s mainstream web related business ventures. This program will not only create awareness and infrastructure for the solar energy but will also encourage other firms to come forward and sponsor such green technology initiatives for a pollution free future.
Image Credit: #-Link-Snipped-#
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