Google has set up a $75 million fund that will pay for about 3,000 residential solar installations in California, Colorado and Arizona. The fund will be overseen by Clean Power Finance who will work with installers to offer financing options to homeowners.
The fund will allow homeowners who want to incorporate solar power in their homes, but can't afford the high upfront costs of a solar power system, to enter into lease agreements or power purchase agreements with the installers.
This fund is the second for Google, who also created a $280 million residential solar fund that California-based SolarCity will administer. That fund will be overseeing installations, lease agreements and power purchase agreements in 11 states and Washington, D.C.
The popularity of residential and small scale solar is at a high because of the federal and state tax incentives for homeowners. Companies who invest in these projects (i.e. Google), get large tax credits as well.
written by lawrence fawcett, October 05, 2011
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