The partnership brings Google’s total investment in the renewable energy sector to $850 million, and is the second fund Clean Power Finance has made available to qualified installers who then brand and market it to homeowners.
“Clean Power Finance has built an innovative platform that connects solar manufacturers, investors like us, and solar installers who offer our financing directly to homeowners,” said Rick Needham, Director of Green Business Operations at Google.
“It’s a powerful combination that will reduce costs and facilitate the expansion of distributed solar in the US,” he continued. “We’re proud to be among the first investors to partner with Clean Power Finance, and enable the company to continue forging strong relationships with the best brands in solar.”
Residential solar financing is among the fastest growing categories in the solar industry.
Solar power purchase agreements (PPAs) and leases are the driving force behind solar adoption among homeowners, creating an easy and low cost way to go solar. In the first quarter of 2011, PPAs/leases accounted for more than a third of all residential solar sales in California and Colorado, according to Solar Energy Industries Association (SEIA).
“I’ve been fortunate enough to be a part of residential solar financing since its inception. Google’s investment in one of Clean Power Finance’s funds further validates the rapidly growing residential solar financing category and our unique market approach,” said Nat Kreamer, Clean Power Finance Chief Executive Officer and board member. “Our open, online platform makes it simple for qualified solar installers to offer the best available consumer financing from leading investors like Google.”
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