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Google to finance home solar systems
JONATHAN FAHEY
(The Associated Press)

NEW YORK (AP) — Google wants to buy solar panels for your house.

05:00:02PM (DST) Wednesday,September 28,2011.

The search giant announced Tuesday that it will provide $75 million to build 3,000 residential solar electricity systems across the country. Google will own the panels, and get paid over time by customers who purchase the electricity the panels produce.

Google is creating a fund with a San Francisco company called Clean Power Finance that local solar installers will be able to tap so they can offer financing plans to prospective buyers. The plans allow homeowners to install a $30,000 solar electricity system on their house for little or no money up front. Instead, customers pay a monthly fee that is the same or less than what they would otherwise be paying their local utility for power.

Google will earn what it calls an attractive return on its investment in two ways. It gets the monthly fee from homeowners, and, as the owner of the systems, Google will get the benefit of federal and state renewable energy subsidies.

The systems will not carry the Google brand, however. Instead, local installers will offer the financing deal under their own brands.

Solar power has gotten dramatically cheaper, but the up-front cost for a homeowner remains formidable. A typical home system costs $25,000 to $30,000. Federal and state governments offer subsidies to help defray the cost somewhat, but it is still far too much money for many homeowners to shell out.

Solar financing plans are offered by a handful of large solar companies such as SunRun, SolarCity and Sungevity, and they are growing in popularity. Google established a $280 million fund with SolarCity in June to help SolarCity expand its offerings.

But Google's new fund will flow instead to small, local installers who would otherwise not be able to offer these financing plans. Google says there are 1,400 solar installers in all 50 states.


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Google getting in to Solar energy.
It's getting better people.

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