Big global companies have secured a record 36.7 gigawatts (GW) of clean energy to power their operations in 2022, up 18% from 2021 – and big tech bought the most, according to a new report.
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Google has invested $300M in a SolarCity fund designed to bring solar power to around 25,000 homes. Debt financing brings the total to $750M, making it the largest ever investment in residential solar power, reports Reuters.
While investing in solar power makes sound economic sense for homeowners, as well as being good for the environment, many are deterred by the typical $20-30,000 upfront cost of purchasing the panels. The SolarCity fund instead allows homeowners to lease the panels, paying a monthly fee to do so …
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CNN Money reports that Google and SolarCity, a rooftop solar power company, partnered on a new initiative aimed at making solar energy affordable to the masses. The deal worth $280 million was announced yesterday. It’s the nation’s largest residential solar project to date that will enable SolarCity to lease solar power systems to some nine thousand homeowners in the ten states where it operates and Google will recoup its investments through those leases. The deal comes on top of the 15,000 SolarCity’s solar projects that are either completed or under way.
Customers who wish to have the company’s solar system installed at their home can pay for it outright, but most choose instead to let SolarCity retain ownership of the equipment and rent back the use of it through monthly solar lease payments.
Google is all out on the green front, with investments ranging from wind farms to eco-friendly datacenters.