How Companies Are Helping Everyone to Profit From Solar
One of the most effective ways to get people on board with climate solutions is to emphasize the co-benefits – the ways solutions can improve life for multiple sectors of society. Google and SolarCity have just announced a partnership where all involved – the consumers, the companies themselves, and the planet – stand to gain.
As this Climate Progress article explains, Google has invested an additional $300 million in SolarCity’s residential power model – the largest investment of its kind by any company. This will result in a $750 million fund that will allow homeowners around the country to install solar for no cost. SolarCity and Google will receive income from rental fees and excess energy sold back to the utilities, as well as any tax benefits, while consumers who may not otherwise be able to afford solar installation will see their energy bills go down.
It’s a testament not only to the economic and societal benefits of clean energy, but the power of collaboration.
Ryan Koronowski, Co-editor of Climate Progress
If you to want to install solar panels on your roof but haven’t yet because it’s too expensive, Google really wants to help.
The search giant, valued at $370 billion, is once again boosting its investment in SolarCity’s residential solar power model by $300 million, both companies announced Thursday. Combined with a new financing structure from SolarCity, the companies say this will result in a new fund worth $750 million to help install distributed rooftop solar on homes across the country.
That’s the largest investment in such a fund ever, according to SolarCity. It means “roughly 25,000″ new solar households and about 500 megawatts of new capacity, SolarCity spokesperson Jonathan Bass said in an interview.
“Whenever you have a company of Google’s stature get involved it’s significant,” Bass said.
At the end of 2014, SolarCity had 190,000 customers and one gigawatt of deployed production, according to its letter to shareholders, so this fund means a significant bump.
Image credit: AP Photo/Ed Andrieski